News View Non-AMP

Bitcoin Price Prediction: Cup and Handle Pattern Hints at Breakout Above $80,000

Published by
Anjali Belgaumkar

Bitcoin is at a crucial moment. Right now, it’s facing a significant line of resistance, which is a level where the price has struggled to move higher. This could lead to a major price breakout soon. Current indicators are showing bullish signs, meaning there’s potential for the price to go up.

On Monday, a large inflow of funds entered spot Bitcoin ETFs, which is likely a major reason for Bitcoin’s recent price pump. This surge reflects growing interest from large investors, adding bullish pressure to Bitcoin.

Bitcoin has already hit an initial price target of around $67,000, following a breakout from a smaller double-bottom pattern. However, resistance between $67,000 and $68,000 remains a crucial barrier. 

According to analyst Josh of Crypto World, currently, Bitcoin’s price is testing a major descending resistance line around $66,000. A confirmed breakout above $66,000, and ideally above $68,000, could trigger a stronger upward trend, potentially setting up for a bull run.

A breakout at these levels would also validate a larger bullish price target near $80,000, based on a “cup and handle” pattern on the daily chart. If confirmed, this could initiate an upside move for Bitcoin.

Liquidity Map Analysis: 

Recently, many traders had to close their positions when the price was between $66,700 and $67,500. This can create more price swings, or volatility, in the market. Right now, there isn’t much liquidity available, which means that price changes might be more unpredictable until more money comes into the market.

Beyond Bitcoin:

Looking beyond Bitcoin, Ethereum is experiencing some challenges. It is currently rejecting a key resistance area, meaning it is having difficulty moving above a certain price level in the short term. On the other hand, Solana is hovering near a potential breakout point. However, it is facing resistance that it must overcome before it can surge higher.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Recent Posts

Cardano Price Prediction 2025, 2026 – 2030: Will ADA Price Hit $2?

Story Highlights The live price of the Cardano token is . ADA coin price could…

April 29, 2025

Dogecoin Price Prediction 2025, 2026 – 2030: Will DOGE Price Hit $1?

Story Highlights The price of Dogecoin today is . Dogecoin price may reach a maximum…

April 29, 2025

Celsius Scam News: CEO Alex Mashinsky to Face 20 Years in Prison

Alex Mashinsky, once hailed as a pioneer in the crypto lending world, is about to…

April 29, 2025

Solana Price Prediction 2025, 2026 – 2030: SOL Price Targets $500 Next?

Story Highlights Solana Price Today is . Solana coin price could reach a potential high…

April 29, 2025

Solana Memecoins FART And PENGU Dominate Meme Coin Market: Can They Sustain the Momentum?

Key Takeaways: Fartcoin surged 173% in April, becoming the top-performing memecoin with a market cap…

April 29, 2025

21Shares Files to Launch First Spot Dogecoin ETF on Nasdaq

21Shares has submitted a proposal to list a spot Dogecoin (DOGE) ETF on Nasdaq, aiming…

April 29, 2025