Bitcoin Prints Cup and Handle Formation, Analysts Eye $123K Upside

Bitcoin has now become more than just a typical cryptocurrency. The asset is now slowly emerging as a key financial player in the market, capable of transforming economies if embedded with care and attention. The token has now started to chart its own pathways, eyeing new price milestones in the process. Bitcoin has recently been displaying new patterns on its chart, signaling that a new price surge is imminent for the token.

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Also Read: XRP Could Give Higher Returns Than Bitcoin By 2030## Bitcoin Eyeing New Price Targets Already?

Source: Watcher GuruSource: Watcher GuruBitcoin had recently claimed the coveted $120K price mark. This development had ushered in a positive price momentum in the market. However, mass liquidations led the token to stabilize around $114K at press time, per CMC data, which is good enough for the token to build new pathways on.

According to Mr. Anderson, a notable cryptocurrency expert, BTC’s chart is now showing a major cup and handle formation, generally predicting a bullish rally ahead.

“The cup and handle is a pattern that can be observed when the price of an asset reaches a certain level and then pulls back before reclaiming that level. It is named like that because it actually looks like a cup.” Changelly later shared about the cup and handle pattern

**“The cup and handle is a pattern that can be observed when the price of an asset reaches a certain level and then pulls back before reclaiming that level. It is named like that because it actually looks like a cup.”**Per Mr. Anderson, this cup and handle formation is signaling a new BTC top, perhaps helping Bitcoin rise and hit the coveted $123K mark.

“#BTC Cup & Handle Price Minimal Target = $123,000. As mentioned at $16k on my “The bottom is in” video, #Bitcoin loves her cup & handles. Now the end of this pattern is in sight, and she’s a beauty. It’s fun when she is nice enough to play along. We are all going to make it!”

“#BTC Cup & Handle Price Minimal Target = $123,000. As mentioned at $16k on my “The bottom is in” video, #Bitcoin loves her cup & handles. Now the end of this pattern is in sight, and she’s a beauty. It’s fun when she is nice enough to play along. We are all going to make it!”

#BTC Cup & Handle Price Minimal Target = $123,000

As mentioned at $16k on my “The bottom is in” video, #Bitcoin loves her Cup & Handles

Now the end of this pattern is in sight and she’s a beauty. It’s fun when she is nice enough to play along

We are all going to make it! pic.twitter.com/1PAo2zHrmv

— Mr. Anderson (@TrueCrypto28) November 1, 2024

#BTC Cup & Handle Price Minimal Target = $123,000

As mentioned at $16k on my “The bottom is in” video, #Bitcoin loves her Cup & Handles

Now the end of this pattern is in sight and she’s a beauty. It’s fun when she is nice enough to play along

We are all going to make it! pic.twitter.com/1PAo2zHrmv

Bitcoin Price Path For August

According to CoinCodex BTC data, the asset may stabilize around $113K by the end of August 2025.

Source: CoinCodexSource: CoinCodex**“According to our current Bitcoin price prediction, the price of Bitcoin is predicted to drop by -0.89% and reach $113,736 by September 3, 2025. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 64 (greed). Bitcoin recorded 16/30 (53%) green days with 3.23% price volatility over the last 30 days.”**

**“According to our current Bitcoin price prediction, the price of Bitcoin is predicted to drop by -0.89% and reach $113,736 by September 3, 2025. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 64 (greed). Bitcoin recorded 16/30 (53%) green days with 3.23% price volatility over the last 30 days.”**Also Read: Coinbase’s Bitcoin Holdings Overtake Elon Musk’s Tesla

Also Read: Coinbase’s Bitcoin Holdings Overtake Elon Musk’s Tesla