- Bitcoin Cup and Handle pattern projects a potential $190K target.
- BTC recently fell below key support before recovering.
- Analysts view the handle phase as a critical test.
Bitcoin’s long-term technical structure is drawing renewed attention as traders debate whether the current correction is part of a larger bullish setup. The Bitcoin Cup and Handle Pattern has emerged as a key focus after analyst Merlijn The Trader highlighted a multi-year formation that could point to significantly higher prices. Despite recent volatility, Bitcoin remains above $62,000, keeping the broader pattern intact for now.
Bitcoin Cup and Handle Pattern Suggests Major Upside Potential
The Bitcoin Cup and Handle Pattern is based on a classic technical formation that often appears before large breakouts. According to Merlijn, Bitcoin’s cup structure spans the decline from roughly $65,000 to $16,000 and the subsequent recovery back toward previous highs.
The depth of the cup measures around $50,000. Using traditional chart analysis, that depth is added to the breakout point to estimate a future target. Based on this approach, the Bitcoin Cup and Handle Pattern projects a move above $190,000.
The analyst noted that the handle portion often represents the most difficult stage for investors. During this phase, prices typically consolidate or decline modestly, creating frustration and uncertainty before a potential breakout occurs.
Bitcoin Cup and Handle Pattern Faces Near-Term Market Pressure
Although the long-term outlook remains constructive for some analysts, recent price action has been less encouraging. The Bitcoin Cup and Handle Pattern is developing while BTC faces resistance and short-term bearish momentum.
Bitcoin recently failed to hold the $63,500 support zone. The asset slipped below $63,200 and later dropped under $62,500 before reaching a low near $60,746. A modest rebound followed, lifting prices back above $62,700 at press time.
Technical indicators still show weakness. Bitcoin recovered only a portion of its recent decline, moving above the 23.6% Fibonacci retracement level of the drop from $64,613 to $60,746.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
