A remarkable view stood out among various analysts’ predictions about the future of Bitcoin price. Popular cryptocurrency analyst Cheds believes Bitcoin could skyrocket over 337% based on its classic chart pattern. believes.
According to Cheds, it is stated that Bitcoin has formed a cup-and-handle pattern on the weekly chart, and this supports the view that this pattern has been a harbinger of major increases in the past. This strengthens the idea that Bitcoin may achieve a major upward momentum in the near future.
$BTC visual of bull thesis https://t.co/1FnFndE97q pic.twitter.com/u3mgm0i4tZ
— Cheds (Trading Quotes) (@BigCheds) May 3, 2024
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According to Cheds’ predictions based on classic chart analysis, Bitcoin is predicted to reach a value of around $300,000 in the next two years. Specifically, the measured movement for the weekly cup-handle pattern indicates a Bitcoin value of approximately $280,000. This model is often used in technical analysis. Accordingly, it is observed in the graph that first a bowl is formed, and then a second bowl, approximately 1/3 of the size, is formed. Due to its structure, the first bowl resembles a cup, and the second one resembles the handle of the cup.
A significant number of Cheds’ predictions challenge commonly held views about Bitcoin’s market cycles. For example, many analysts and investors argue that Bitcoin’s bull market is shaped by four-year cycles, and these cycles typically last four years on average. So, in this view, the Bitcoin price is expected to peak around 2025 in the next bull market. However, Cheds’ forecasts foresee major upward momentum outside the repeating nature of these cycles.
However, Cheds’ predictions also take into account Bitcoin’s recent price movements. In particular, it is emphasized that Bitcoin may have seen the bottom of the correction after regaining the $ 61,500 level, and this may be a positive sign for the future.
“Bitcoin is forming a decent volume cluster on the four-hour chart… It gets interesting as $61,500 turns resistance into support.”
Looking at the analyst’s chart, it seems to suggest that Bitcoin is trending upward after a false move downwards. The chart also shows a crossover resistance near $63,500.
At the time of writing, Bitcoin is trading at $63,618, with a small increase over the past day.
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