Bitcoin’s Cup and Handle: Is a Violent Repricing on the Horizon?
What’s Cooking with Bitcoin?
So, there’s this crypto wizard who’s been squinting at Bitcoin’s price chart and has spotted something intriguing—a Cup and Handle pattern that looks a lot like the one Silver had before it skyrocketed back in 2017. Mysterious, right? People are already buzzing that this could lead to a wild ride!
The Tale of Silver’s Breakout
Picture this: back in the day, Silver had a pretty boring stretch where it just sat there, kind of like a sofa nobody wants to sit on. But then, boom! It broke out and all the buyers came rushing in like it was Black Friday. Our crypto analyst claims Bitcoin is drawing the same sketch, and if it follows Silver’s lead, we could be in for some serious fireworks!
Bitcoin: The Slow and Steady Champion
Since the buzzing 2021 bull cycle, Bitcoin has been hanging out in its Cup and Handle pattern, and rumor has it that it could be ready to explode sometime in 2026. Yes, you heard that right—2026! The analyst Merlijn the Trader even dropped a video explaining how Bitcoin’s current shape is reminiscent of Silver’s before it made everyone rich and famous.
Remembering the Silver Rush
Merlijn recalled back when Silver spent almost a decade just chilling and building up a base. Investors were starting to roll their eyes, but surprise, surprise—once it passed that pesky $54 barrier, it started moving up faster than a kid on a sugar rush! He even reminisced about an old prediction someone made, saying Silver would hit $80. Spoiler: he thought it was more likely to aim for $70-$75.
The Art of the Rim
Back in 2017, Silver’s chart showcased a rounded bottom, a flat resistance level, and just like that, a handle appeared. This was the secret sauce for a violent repricing that pushed Silver to heights it hadn’t seen in years. Merlijn claims Bitcoin is currently mirroring that same long base before the big leap. Just look at that chart! It’s like Bitcoin’s doing stretches to prepare for a huge jump!
What’s the Bottom Line?
When it comes to Bitcoin, Merlijn believes the current chart vibes show that the last of the sellers are packing their bags after an extended period of waiting. Once they leave, it’s party time for Bitcoin, mimicking Silver’s epic 2017 move. Traders are keeping an eye on the cup’s height to gauge the breakout. If all goes as planned, we could be talking about a price tag between $120,000-$140,000, which means reaching for the sky from its current $92,000 state. Get your popcorn ready!