Bitcoin

<p>A crypto analyst has predicted that <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-skyrocket-to-750000-expert/">Bitcoin (BTC)</a>, the world’s largest cryptocurrency, is on track to reach an unprecedented $263,000. However, he also emphasized that this <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-all-time-high-90000/">bullish surge to new all-time highs</a> is contingent on Bitcoin meeting specific market conditions.&nbsp;</p> 
<h2 id="bitcoin-set-for-massive-rally-to-263-000">Bitcoin Set For Massive Rally To $263,000</h2> 
<p>In an X (formerly Twitter) <a href="https://x.com/tatrader_alan/status/1815755005867258243?s=46" rel="nofollow">post</a> on July 23, a crypto analyst identified as ‘Trader Tardigrade’ revealed that Bitcoin’s current price chart was forming a key technical pattern known as the “Cup with Handle chart pattern.” Notably, the <a href="https://www.newsbtc.com/news/bitcoin-price-rally-75000-cup-handle-breakout/">Cup with Handle pattern</a> is a unique technical indicator where the price movement of a cryptocurrency typically resembles a cup, followed by a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-downside-63k/">downward price trend</a> which emulates a handle. This handle often signifies a buying opportunity to go long on the asset.&nbsp;</p> 
<p>Sharing a price chart illustrating Bitcoin’s Cup with Handle pattern, Trader Tardigrade noted that Bitcoin could witness a <a href="https://www.newsbtc.com/news/bitcoin-move-to-69000/">substantial rally</a> to a measured target of $263,000 before the end of 2024. The analyst disclosed that for this bullish surge to happen, Bitcoin’s price will have to <a href="https://www.newsbtc.com/news/bitcoin-breaks-above-68000-where-does-it-go-from-here/">break above the $68,000 level</a>, which represents the handle part of the Cup with Handle chart pattern.&nbsp;&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-631539" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-1.jpg?w=460&amp;resize=460%2C322" alt="Bitcoin 1" width="460" height="322" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-1.jpg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-1.jpg?w=460&amp;resize=460%2C322 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>In a more recent <a href="https://x.com/tatrader_alan/status/1816073542909452388?s=46" rel="nofollow">X post</a>, the crypto analyst revealed that Bitcoin’s price has reached the upper resistance of the <a href="https://www.newsbtc.com/news/ethereum-price-broke-out-of-descending-channel-whats-next/">descending channel pattern</a>. This pattern signifies when the price of a cryptocurrency is moving within two parallel trend lines and sloping downwards. Typically, the upper trend line in this pattern acts like a resistance and the lower line acts as a support.&nbsp;</p> 
<p>The analyst further noted that <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-shiba-inu-dogecoin/">Bitcoin’s price</a> has successfully reached the upper resistance of the descending channel. However, he disclosed that the resistance was weaker than the lower support, making it easier for the cryptocurrency to potentially breakthrough.&nbsp;</p> 
<p>Trader Tardigrade also predicts that Bitcoin could undergo a brief <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-66k/">period of consolidation</a> before witnessing its next breakout move. The analyst <a href="https://x.com/tatrader_alan/status/1816110347482456178?s=46" rel="nofollow">declared</a> that the market was currently in the middle of a bull run, with Bitcoin set to <a href="https://www.newsbtc.com/news/bitcoin/economist-predicts-90-chance-bitcoin-hits-new-high-by-march-2025/">surge even higher until late 2025</a>.&nbsp;</p> 
<h2 id="key-support-level-identified-for-bitcoin-s-next-ath">Key Support Level Identified For Bitcoin’s Next ATH</h2> 
<p>Bitcoin’s price is currently trading at $64,239, marking a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-falls-65k/">slight decrease</a> of 3.11% in the last 24 hours, according to CoinMarketCap. Despite <a href="https://bitcoinist.com/bitcoin-slowing-down-whale-accumulation/" rel="nofollow">the cryptocurrency’s struggles</a> to reach new highs, Ali Martinez, a prominent crypto analyst, remains&nbsp; bullish on its future outlook.</p> 
<p>Sharing a price chart depicting Bitcoin’s UTXO realized price distribution (URPD), Martinez <a href="https://x.com/ali_charts/status/1816148474322120985?s=46" rel="nofollow">predicted</a> that BTC is poised to surge to new all time highs soon.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-631540" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-2.jpg?w=460&amp;resize=460%2C243" alt="Bitcoin 2" width="460" height="243" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-2.jpg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-2.jpg?w=460&amp;resize=460%2C243 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>The analyst also disclosed that the $66,000 price mark was a <a href="https://www.newsbtc.com/news/bitcoin-support-level-may-spark-explosive-bull-movement-if-its-defended/">crucial support level </a>for Bitcoin. He added that if Bitcoin succeeds in holding a price level at $66,000, it would set a strong foundation for a potential <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-rare-buy-signal-84-win-rate/">rally to new levels</a>.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/6zJAlyd8/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1518">

Crypto Analyst Says Bitcoin Is Headed For $260,000 But This Must Happen First

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