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Bitcoin Breaks Out From Weekly Cup and Handle: $320,000 Target in Sight?
- Bitcoin has formed a cup and handle pattern on the weekly chart, indicating a bullish continuation phase.
- The cup and handle pattern begins with a rounded bottom (cup) followed by a consolidation phase (handle), and a breakout above resistance is expected.
- The handle of BTC's cup formed between late 2024 and early 2025, with the price breaching the resistance level recently.
- By using the pole measurement method, a target of $320,000 has been set for Bitcoin post-breakout.
- Historically, cup and handle formations have resulted in significant price increases.
- Bitcoin's breakout must maintain weekly closes above the handle neckline for the bullish momentum to continue.
- Confirmation of the pole projection could attract institutional and retail investors to the market.
- The macro pattern of Bitcoin could potentially define the next major phase of its bull market.
- Investors and traders are closely monitoring Bitcoin's price for continuation following the breakout.
- Bitcoin's price behavior during geopolitical tensions in 2024 was also noted, referencing Israel and Iran's conflict.
- The news was originally reported by Coindoo.
- Bitcoin is showing signs of strong upside momentum with the breakout from the cup and handle pattern.
- A breakout above the handle resistance is crucial for the $320,000 target to be realized.
- The market will be watching closely to see if Bitcoin sustains its bullish trajectory.
- Confirmation of the breakout could attract more capital to the cryptocurrency market.
- The article suggests that Bitcoin's bullish phase may be entering a significant period with potential for further price appreciation.
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