U.Today – All eyes are on the price to see if it will confirm the book order shown on its chart and, in doing so, it has risen significantly.

Ali, a crypto analyst, has identified a prominent cup and handle on the Bitcoin chart. This technical pattern, which is often seen as a bullish sign, suggests that Bitcoin may be on the verge of a major rally.

According to Ali, Bitcoin’s breakout from this trend indicates a potential target of $276,400. The cup and handle pattern consists of a “cup” pattern, where the price gradually declines and then rises to a new low, followed by a “handle,” where the price briefly consolidates before breaking out to a new high.

The cup and handle pattern has appeared in the history of Bitcoin price during previous bull movements, often starting with large increases. If confirmed, this new setup will raise expectations for Bitcoin’s value.

Similarly, in a recent X post, CryptoQuant predicts that the price of Bitcoin may increase past $200,000 in 2025. He cites a potential $520 billion inflows, a pro-crypto policy and a bullish four-year cycle as factors that can drive this opinion. According to CryptoQuant, the increase in Bitcoin can lead to an increase of $2-$6 in the market for every $1.

Bitcoin price application

At the time of writing, BTC was up 1.13% in the last 24 hours to $103,358. Bitcoin hit a high of $105,970 in Friday’s session, extending a low of $95,900 on January 13.

Following a strong sell-off earlier in the week, cryptocurrencies rallied as risk assets rose in response to encouraging US inflation, which also fueled expectations of a Federal Reserve rate cut.

In the last 24 hours, the value of various crypto assets has been reversed, and many trades have been lost. In the last 24 hours, $477 million worth of cryptocurrency positions were liquidated, according to CoinGlass data.

So far this year, Bitcoin has outperformed stocks. It has been compounding since late December, when Federal Reserve Chairman Jerome Powell issued an inflation warning, which was later withdrawn this week following two low December numbers. Bitcoin ETFs have received more than $1 billion in the past two days.

This article was originally published on U.Today