Bitcoin is now trading at $103,071, which represents an almost 1% increase in the last 24 hours. The cryptocurrency market is blazing under vigorous bullish impetus. This increase comes on the heels of Donald Trump’s electoral win in the United States’ presidential election. BTC/USD Price Analysis Bitcoin is exhibiting patterns that suggest it might be preparing for a big price rally, with target projections indicating the price could reach $137k.
Technical Patterns and Breakouts
One of the most bullish occurrences in Bitcoin’s price chart is the development of a cup and handle shape. This trend began taking shape as early as November 2024. This formation is kind of beauty is known as a “U” cup, completed by the handle which shows a minor downtrend. The continuation after the post-election rally, Bitcoin broke above the $20,000 level on a daily time frame. This movement is an encouraging indication that its upward trajectory is likely to continue.
On May 9, Chartered Market Technician Aksel Kibar posted another update on his bearish Bitcoin price analysis. He touted a powerful long-term breakout signal that he first spotted back in late November of 2024. Kibar’s analysis shows that Bitcoin took off after the asset closed above the $73,737 price level. It even shot up to retake the $100,000 figure earlier this year.
Bullish Momentum and Price Targets
It sure looks like Bitcoin is taking this moment to move back toward its all-time high price of $108,786. Bitcoin has a track record of starting a parabolic run. This only occurs each time it breaks a small peak in its four-year cycle. This bullish pattern indicates that this recent breakout could result in over 145% price appreciation.
Kibar’s analysis suggests a cup and handle target for Bitcoin of around $137,000. Such a target would mark a possible upside of more than 33% from its price level today. If Bitcoin closes above this level, it will be a big moment for the original cryptocurrency. Now, this achievement will only promise to deepen its hold in the financial markets.
