Over the past week, the premier cryptocurrency registered a modest price gain of 5.35% as news of US President Donald Trump recommending a 50% tariff on imports from the European Union (EU) forced a slight price retracement.
For context, the cup-and-handle represents a major bullish continuation pattern that indicates a potential upward breakout. In Bitcoin’s case, the cup forms between late 2021 and early 2024, as price action created a rounded bottom, reflecting a decline from a former all-time high around $69,000, followed by a period of stabilization and recovery, culminating in a return to that key level.
After attaining this prior high, price movement pulled back, forming a downward or sideways channel known as the handle, setting the stage for a price breakout. This is well reflected in Bitcoin’s price action from early 2024 to Q3 2024.
Notably, Bitcoin has since achieved this breakout from the cup-and-handle formation by crossing the critical market resistance at $69,000. Based on linear calculations, Gert Van Lagen explains the flagship cryptocurrency is expected to hit a price target of $120,000-$130,000 — a projection now within Bitcoin’s reach, considering the current market momentum.
However, Van Lagen also notes that the cup-and-handle pattern also points to an exponential price target of $300,000. Historically, BTC has previously achieved such logarithmic targets with gains of 100x from 2013-2017, and 21x from 2018-2021.
Furthermore, the new weight of institutional capital, especially following the approval of spot Bitcoin ETFs in 2024 supports this bullish outlook. However, while this institutional participation signals long-term confidence, it also reflects BTC’s maturation. Now a $2 trillion asset, Bitcoin’s sheer size may make parabolic moves less frequent, even though crypto market volatility still leaves the potential for significant upside.
At the time of writing, Bitcoin trades at $107,794 following a minor 0.64% gain in the past day. On the monthly chart, the premier cryptocurrency reports gains of 16.25% as the bull market persists.
