Bullish formation on Bitcoin chart: BTC price expected to rise to $75,000!

In the latest rally in the cryptocurrency market, the Bitcoin price has risen. BTC made a significant rise, surpassing the $ 52,371 level for the first time since December 2021. The asset, which increased by nearly 6 percent in the last 24 hours, increased by 16 percent in the last week. BTC, which was traded at $ 51,960 at the time of writing this article, will reach its all-time high in 2024, according to some market analysts. Analysts, particularly pointing to the same trend, predict a 40 percent increase. Additionally, the rise in Bitcoin price triggered interest in ETFs, and single-day inflows into Bitcoin investment instruments exceeded $600 million.

However, Matt Dines from Build Asset Management announced that he detected signs of a major rally that will continue on the Bitcoin (BTC) price chart. The chief investment officer spotted two bullish patterns on the BTC chart, called the cup and the handle. Accordingly, BTC price is in a movement that can reach $ 75,000 with signals of the upcoming rally.

What does the cup and stem formation mean for BTC?

The cup handle formation describes the asset returning to its starting point after small downward movements. The cup part of this pattern in Bitcoin refers to the period when the price of the asset falls below $48,000. For BTC, this period started to form in March 2022, one of the longest bearish periods, with the lowest point on the chart being around $17,600. This level indicated a strong support level for Bitcoin.

However, a rounded bottom forming on the left side of the formation indicates that the price has consolidated after falling. After this move, the price of the asset started to rise again and showed a stable recovery. This means that the previous downtrend has turned upward. Chief investment officer Dines explains this formation as follows:

“The saucer or 'cup' refers to a period of consolidation, a pause in a downtrend, before the price begins to rise to testing resistance levels.”

According to this statement, the first recovery BTC completed the cup part of its formation at the beginning of January. The $38,600 level seen in late January marked the bottom of the pullback. The second step of the model, the handle, was formed during the movements following the recovery. According to Dines, a small decline or retreat after the rise completed the formation of the formation. Additionally, the handle part of the chart pattern is characterized by a slight downward move and is considered the final consolidation before a breakout. The break above $48,000 seen in Bitcoin price in February confirmed the cup and handle pattern.

Are Bitcoin price predictions rising?

Chief investor Dines also gives some clues about the interpretation of this model and continues his words as follows. “Many traders will use the height of the bowl (the bottom of the bowl to the top of the resistance line) to set price targets. Just add that height to the bottom of the stem…this is a good estimate of where we will see longs entering on the breakout to set price targets.”

According to the chart, it shows the increase in Bitcoin's price from the lowest point formed by the chart to the current level. This upward movement indicates a range close to the $ 75,000 level after the formation of the handle we specifically mentioned above.

BTC 1-week price chart Additionally, Dines stated that the collective actions of investors will also be effective on the BTC price. “Many of the long-term trades here will be shaped by the pullback from $75,000, and if enough participants make this trade, this will determine the dominant price movement,” he continued.

While Bitcoin technical charts give an upward sign, newly released coins are also the center of attention. One of them, Bitcoin Minetrix token, is considered as a digital asset that may rise with the BTC price. This token, which changes the traditional mining concept, has many innovative advantages.

A project that will revolutionize Bitcoin mining: Bitcoin Minetrix

Developed as an alternative to traditional mining, Bitcoin Minetrix token produces solutions for centralized problems. First of all, it offers safe use through the ETH network and protects the user against third-party mining risks and fraud. With its understanding of cloud mining, it requires a minimum level of technical knowledge and paves the way for ordinary people to earn money through mining. Minetrix token, which has a very easy and practical working approach, always stays up to date with simple upgrades. Additionally, the Bitcoin Minetrix project has an environmentally friendly approach. Since it does not require heavy equipment, it eliminates problems such as heat and noise and becomes economical.

Delving into the possibilities of #BitcoinMinetrix for mining $BTC! 🔍⛏️

✅ Smooth start-up for newcomers. 💰 Budget-friendly without upfront equipment costs. 🌟 No concerns about location, noise, or temperature. 🔄 Simple upgrades with minimal hassle. pic.twitter.com/5xJKkKKCYv

— Bitcoinminetrix (@bitcoinminetrix) February 14, 2024

Latest developments on Bitcoin Minetrix

BTCMTX token, which is in the pre-sale phase and will be listed among the newly released tokens, broke a new record by collecting 10.8 million dollars, according to current data. The current price of the token, which continues to grow with this development, is 0.0134 dollars. The token, which can be purchased before being listed on cryptocurrency exchanges, can be added to the wallet by paying ETH and USDT.

Visit Bitcoin Minetrix