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Bitcoin’s price is struggling to maintain bullish momentum despite moving above $62,000 for the first time in August. However, one analyst believes BTC is approaching a potential breakout that will result in six-figure prices.
<h2 id="steepest-kind-of-ascent-awaits-bitcoin-in-q4">“Steepest kind of ascent” awaits Bitcoin in Q4</h2>
Gert van Lagen, an independent technical analyst, appears confident that the current price action for Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null">BTC</a>) will have an explosive outcome. In an Aug. 27 X <a data-ct-non-breakable="null" href="https://x.com/GertvanLagen/status/1828144344802697693" rel="nofollow noopener" target="_blank" text="null">post</a>, van Lagen highlights the formation of a parabolic curve, where BTC has continued to rise in a step-like formation. 
The chart also illustrates the formation of a rare cup-and-handle (CnH) pattern on the weekly chart. The pattern has taken shape over almost three years, dating back to October 2021. 
A successful breakout from a CnH pattern can trigger a parabolic rise since the pattern confirms a trend bottom and then a higher sideways consolidation during its development. 
The success rate of a CnH pattern is also <a data-ct-non-breakable="null" href="https://www.liberatedstocktrader.com/cup-and-handle-pattern/#:~:text=According%20to%20Tom%20Bulkowski's%20research,63%20percent%20of%20the%20time." rel="nofollow noopener" target="_blank" text="null">very high at 95%</a>, according to Tom Bulkowski, a well-known trader and creator of Thepatternsite.com. 
<figure>
 <img alt="Bitcoin 3-year chart pattern nears breakout point as analyst expects 312% ROI" name="" src="https://s3.cointelegraph.com/uploads/2024-08/019192f3-79c7-7360-928e-80bda3019a77">
 <figcaption style="text-align: center;">
 Bitcoin cup-and-handle pattern approaching parabolic breakout. Source: X
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In the parabolic curve, base 1 was formed at the market bottom in November 2022. A recovery from the market bottom at $15,460 to $25,290 confirmed base 2. Bitcoin’s sideways consolidation between $30,000 and $25,000 during April 2023 and September 2023 led to base 3.&nbsp;
Moving forward, Bitcoin witnessed its first parabolic rise of 198%, reaching a new all-time high of $73,737 in March 2024.
Over the past few weeks, the BTC/USD chart has printed the formation of base 4, which is the final phase of the parabolic curve. Base 4 is also the “handle” part of the CnH pattern, which is approaching a breakout simultaneously.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/how-high-can-bitcoin-price-go-run-up-us-election" rel="null" target="null" text="null">How high can Bitcoin price go in the run-up to the US election?</a>
Once Bitcoin breaches above base 4, the analyst expects “the steepest kind of ascent BTC has ever witnessed,” or a blow-off-top rally. 
By the end of 2024, the price target is above $260,000, which is a 312% gain from BTC’s current prices. 
<h2 id="over-7-billion-of-shorts-will-be-liquidated-at-70-500">Over $7 billion of shorts will be liquidated at $70,500 </h2>
Bitcoin price, crossing above its previous all-time high range at over $70,000, will not be without a few consequences for futures traders. Data from CoinGlass <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" rel="nofollow noopener" target="_blank" text="null">suggests</a> a large liquidation event will occur once BTC crosses $70,493.
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 <img alt="Bitcoin 3-year chart pattern nears breakout point as analyst expects 312% ROI" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919314-4081-70bc-a154-2d6808058ed0">
 <figcaption style="text-align: center;">
 Bitcoin liquidation heatmap. Source: CoinGlass
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As observed, short liquidations amount to $7.18 billion at that price as of Aug. 27. Similarly, at $72,581, another $6.54 billion in short positions will be liquidated, which means the futures market is still strongly positioned between both bullish and bearish traders. 
However, the long/short accounts turned strongly bullish over the past 24 hours despite BTC’s price slump. 
<figure>
 <img alt="Bitcoin 3-year chart pattern nears breakout point as analyst expects 312% ROI" name="" src="https://s3.cointelegraph.com/uploads/2024-08/0191931b-d3d4-7aee-93ff-4050d6f10650">
 <figcaption style="text-align: center;">
 Bitcoin long/short accounts on Binance. Source: CoinGlass
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The data <a data-ct-non-breakable="null" href="https://www.coinglass.com/LongShortRatio" rel="nofollow noopener" target="_blank" text="null">indicates</a> that 57.19% of the accounts are currently long. Yet, the taker buy/sell volume between long and short traders was closely matched, as the long/short ratio remained at 1.01.
<h2 id="bitcoin-to-enter-the-banana-zone">Bitcoin to enter “the banana zone”</h2>
Cointelegraph <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-entering-batshit-season-banana-zone-says-analyst" rel="" target="_self" text="null">reported a similar prediction for Bitcoin</a> by another analyst, who predicted BTC to reach as high as $150,000 by the end of 2024.
Real Vision analyst Jame Coutts touted a familiar tone where he expected BTC price action to enter “batshit season,” or the “banana zone.”
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-analysts-converge-september-btc-price-breakout-86k" rel="null" target="null" text="null">Bitcoin analysts converge on a breakout in September — But is $86K possible?</a>
A banana zone is defined as a parabolic rally where price and volume witness a significant escalation, which triggers collective market interest and, hence, a further continuation of exponential rise. 
Additionally, Smithson With, a Bitcoin researcher, also <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-prediction-164k-2025-decaying-peaks-study" rel="" target="_self" text="null">shared a study</a> that correctly called Bitcoin’s peak from previous bull cycles. With’s price targets varied over the course of 2025, but the minimum expected price is $164,173 by Jan. 1, 2025. 
Overall, these predictions follow a similar pattern where BTC is expected to move rapidly once its previous all-time high is breached.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin 3-year chart pattern nears breakout point as analyst expects 312% ROI

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