CandleFocus Bitcoin’s ‘Cup and Handle’ Pattern Signals Path to $126K—But a Final Flush Could Be Imminent
2024-10-06
Author: Content Editor
Bitcoin traders are closely watching the formation of a "Cup and Handle" pattern, which started in August and has a target price of $126,107. The Chinese exchange and the upcoming US election are expected to further boost prices. $21 billion in short positions are currently open, and if Bitcoin rises to $70,000, it will trigger liquidations and lead to a rally in price. However, there is a possibility of a market pullback, with BTC plunging to as low as $48,000 before bouncing back. Spot traders are advised to hold their positions, while leveraged traders can place limit buy orders to profit from the expected dip.
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