Cryptocurrency

Bitcoin

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 <p class="paragraph">Bitcoin (BTC) has been trading in a consolidation $5,000 price range between $25,000 and $35,000 per coin since 2023’s Q2, and despite slightly moving in a downtrend inside this range, zooming out, Bitcoin’s chart shows that it might be ‘coffee time’ (or ‘tea time’) for the leading cryptocurrency in a higher timeframe.</p> 
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 <p class="paragraph">This happens as a Cup and Handle chart <a rel="noopener noreferrer nofollow" title="pattern" href="https://thebittimes.com/tag/pattern.html">pattern</a> seems to be forming, according to a recent <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> posted by an experienced stock and crypto trader on X (formerly Twitter) using the pseudonymous name <em>Jelle</em> (@CryptoJelleNL).</p> 
 <p class="paragraph">Some technical analysts deem the Cup and Handle <a rel="noopener noreferrer nofollow" title="pattern" href="https://thebittimes.com/tag/pattern.html">pattern</a> invalid. Still, Jelle believes it offers a <a rel="noopener noreferrer nofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> insight into Bitcoin’s long-term future price action, due to its “massive” size “below the $30k”, in the analyst’s words.</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="590" src="https://cdn.thebittimes.com/images/2023/09/21/f232fe9728faf68faaddc709a378703d.webp" alt="Cup &amp; Handle: Bitcoin price chart with weekly candlesticks." class="wp-image-129468" srcset="https://cdn.thebittimes.com/images/2023/09/21/f232fe9728faf68faaddc709a378703d.webp 1024w, https://cdn.thebittimes.com/images/2023/09/21/f232fe9728faf68faaddc709a378703d.webp 300w, https://cdn.thebittimes.com/images/2023/09/21/f232fe9728faf68faaddc709a378703d.webp 768w, https://cdn.thebittimes.com/images/2023/09/21/f232fe9728faf68faaddc709a378703d.webp 1536w, https://cdn.thebittimes.com/images/2023/09/21/f232fe9728faf68faaddc709a378703d.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Cup &amp; Handle: Bitcoin price chart with weekly candlesticks. Source: <em>Jelle (</em><em>@CryptoJelleNL</em><em>)</em> 
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 <p class="paragraph">Notably, the ‘cup’ is formed by the bear market’s bottom at $15,500 and the two local tops at around $30,000. While the handle starts from the last local top, extending itself to the current consolidation zone.</p> 
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2> 
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 <p class="paragraph">At the time of publication, BTC is changing hands by $26,582, after a short-term drop of 2% in the day, in which some traders hint at a ‘buy the dip’ opportunity. Bitcoin is also trading below the 200-day simple moving average, with only 13 green days in the last 30 days (43%).</p> 
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  <img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/09/21/938120a21e943602ff5c63b063364d07.webp" alt="BTC 1-month price chart." class="wp-image-129469" srcset="https://cdn.thebittimes.com/images/2023/09/21/938120a21e943602ff5c63b063364d07.webp 1024w, https://cdn.thebittimes.com/images/2023/09/21/938120a21e943602ff5c63b063364d07.webp 300w, https://cdn.thebittimes.com/images/2023/09/21/938120a21e943602ff5c63b063364d07.webp 768w, https://cdn.thebittimes.com/images/2023/09/21/938120a21e943602ff5c63b063364d07.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    BTC 1-month price chart. Source: <strong>Finbold</strong> 
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 <p class="paragraph">Interestingly, there are some fundamental aspects supporting a coming bull market that could follow this recently spotted cup and <a rel="noopener noreferrer nofollow" title="handle" href="https://thebittimes.com/tag/handle.html">handle</a> <a rel="noopener noreferrer nofollow" title="pattern" href="https://thebittimes.com/tag/pattern.html">pattern</a>. Investors are mostly waiting for a positive outcome regarding a spot Bitcoin ETF approval by the SEC and also looking to the block subsidy halving, which is set for April 2024 and will reduce BTC’s supply inflation by half.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/coffee-time-bitcoin-analyst-sees-bullish-cup-and-handle-pattern-tbt63584.html">https://thebittimes.com/coffee-time-bitcoin-analyst-sees-bullish-cup-and-handle-pattern-tbt63584.html</a></p>

Coffee time: Bitcoin analyst sees bullish cup and handle pattern

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