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<p>Bitcoin’s price behavior has sparked interest among traders, with technical analysis suggesting a&nbsp; bullish rally on the horizon. The cryptocurrency currently stands at <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">$67,392.71</a>, with a daily trading volume of $42,547,802,643. Despite a recent dip of 2.94%, analyst Sjuul from AltCryptoGems <a href="https://x.com/AltCryptoGems/status/1793540643941147054" target="_blank" rel="noopener noreferrer nofollow">highlights a potentially bullish Cup &amp; Handle pattern</a> forming on the BTC/USDT chart.</p>
<h2 class="wp-block-heading" id="strong-bitcoin-btc-technical-analysis-strong"><strong>Bitcoin (BTC) Technical Analysis</strong></h2>
<p>A Cup &amp; Handle pattern is a bullish chart formation that traders use to identify potential long positions. This pattern consists of a “u” shape (the cup) followed by a slight downward drift (the handle). According to Sjuul, Bitcoin appears to be forming a substantial Cup &amp; Handle pattern, which typically signals a bullish trend.</p>
<p>Sjuul outlines two potential scenarios for trading this pattern. The first scenario involves a deeper pullback along the handle channels. In this case, traders might consider entering the market at the green box, where a clear resistance turned support level is identified, accompanied by the 4H EMA200. This area is ideal for buying if a dip occurs.</p>
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<p>The second scenario arises if bulls continue pushing higher. Here, traders would wait for a breakout of the Cup &amp; Handle pattern, entering at the breakout level. In both cases, the key is to see the resistance level broken and left behind; otherwise, the pattern’s validity is compromised.</p>
<h2 class="wp-block-heading" id="strong-bitcoin-price-forecast-strong"><strong>Bitcoin Price Forecast</strong></h2>
<p>If the Cup &amp; Handle pattern holds and breaks out, the technical target should align with the depth of the cup’s low point. Sjuul estimates this target to be around the $90,000 level. This potential surge represents a significant opportunity for traders, emphasizing the importance of closely monitoring Bitcoin’s price movements and the pattern’s development.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/render-extremely-bullish-despite-recent-sell-off-expert-reveals-one-more-rndr-dip-expected-before-rally/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Render “Extremely Bullish” Despite Recent Sell-Off: Expert Reveals One More RNDR Dip Expected Before Rally</em></strong></a></p>
<p>Bitcoin’s price movements have shown volatility, which is not uncommon in the crypto market. Despite the current price dip, the formation of a Cup &amp; Handle pattern offers a promising outlook. Traders should remain vigilant, watching for either a deeper pullback or a breakout to position themselves effectively.</p>
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<p>The post <a href="https://captainaltcoin.com/this-bitcoin-pattern-signals-imminent-bullish-rally-will-btc-price-surge-to-90000/" rel="noopener noreferrer nofollow">This Bitcoin Pattern Signals Imminent Bullish Rally: Will BTC Price Surge to $90,000?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

This Bitcoin Pattern Signals Imminent Bullish Rally: Will BTC Price Surge to $90,000?

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