As a seasoned crypto investor with over a decade of experience in the market, I’ve seen my fair share of chart patterns and price predictions. However, Trader Tardigrade’s recent analysis of Bitcoin’s Cup with Handle pattern caught my attention for several reasons.
As a crypto investor, I’ve been closely monitoring the market, and I’m excited about the latest prediction from a well-known Bitcoin ($BTC) trader. If Bitcoin can surmount a notable technical chart pattern, this expert believes it has the potential to smash its previous record high and soar above $263,000.
In a recent post on microblogging platform X, well-known pseudonymous cryptocurrency trader Trader Tardigrade explained to his more than 50,000 followers that Bitcoin’s price movement presented a classic “Cup and Handle” chart pattern.
When the price of a security follows a “U-shaped” pattern where it decreases, then recovers to form a “U,” and finally experiences a gentle decline once more, this is referred to as a cup and handle formation. This technical chart pattern is often interpreted as a bullish sign.
As a seasoned trader with years of experience under my belt, I can’t help but be captivated by the textbook example of the Cup and Handle chart pattern that Bitcoin (BTC) is currently presenting us with. The subtle yet distinct shape of this chart formation is something that has caught my attention many times before in my trading career.— Trader Tardigrade (@TATrader_Alan) July 23, 2024
Expert: Trader Tardigrade recently unveiled a Bitcoin price chart depicting the Cup and Handle formation. This technical analysis suggests that the cryptocurrency is on track for a significant surge, potentially reaching $263,000 by the year 2024. In order to accomplish this price increase, Bitcoin’s value must first breach the resistance level of approximately $68,000 – identified as the handle component in the chart pattern.
In the following update, the analyst pointed out that Bitcoin’s price touched the upper limit of a downward-sloping channel pattern, which is marked by two paralleled trendlines. This technical signal, referred to as a descending channel, follows its typical course.
In a descending channel, the upper trendline represents a hurdle for price advancement, acting as a barrier or resistance. Conversely, the lower trendline functions as a cushion, offering some degree of support to the price movement. According to Trader Tardigrade’s analysis, the resistance is less robust compared to the support, thereby increasing the likelihood of a price breakthrough.
An analyst’s projection indicates that Bitcoin could experience a short-term phase of stabilization prior to making its next significant price surge. Currently, Bitcoin is valued over $67,000 as of this writing, following a gain of over 5% in recent days.
Matthew Sigel, the Head of Digital Assets Research, and Patrick Bush, the Senior Investment Analyst in VanEck’s digital assets research team, have proposed a hypothetical situation in which Bitcoin could be worth $2.9 million per coin by the year 2050.
According to the valuation model’s forecast, Bitcoin is expected to play a pivotal role in the International Monetary System, potentially displacing a substantial portion of the markets currently dominated by the US Dollar, Euro, Japanese Yen, and British Pound.
As a crypto investor, I would interpret VanEck’s prediction as follows: I believe that the combined market share of Chinese renminbi, Bitcoin, emerging market currencies, and gold is anticipated to decrease by approximately 20%. Among these, Bitcoin is expected to secure a significant portion of this shrinking pie. Specifically, it is projected that Bitcoin will account for around 10% of cross-border payments and an additional 5% of domestic transactions.
According to the model’s prediction, central banks will own around 2.5% of their assets in Bitcoin by the year 2050. Furthermore, it is anticipated that approximately 85% of the total supply of Bitcoin will have been withdrawn from circulation and held as a long-term store of value by investors.
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2024-07-27 05:58