Is Bitcoin Set to Reach $137K? Market Expert Claims BTC Has Been on a Bull Run Since November 2024
After a somewhat slow start to 2025, Bitcoin’s price has begun to show remarkable growth in the second quarter of the year. Earlier this week, the leading cryptocurrency regained the $100,000 milestone and appears to be targeting its all-time high of $108,786 over the weekend.
The BTC price seems to have ignited a shift in the market, with investors feeling optimistic that the largest crypto market is back to its position at the end of 2024. A well-known crypto analyst contends that the sell-side pressure felt in the early months of the year is part of a larger price breakout.
Is BTC Tracing a Cup and Handle Pattern?
On May 9, chartered market technician (CMT) Aksel Kibar shared intriguing insights regarding his latest Bitcoin price analysis on X. In a post from late November 2024, he indicated a long-term breakout signal for BTC.
Following Donald Trump’s election victory as President of the United States, the Bitcoin and cryptocurrency markets experienced substantial bullish momentum. Kibar pointed out that BTC was breaking above a critical price level on a large (monthly) timeframe, prompted by the post-election rally.
As depicted in the chart above, the Bitcoin price exceeded its “minor high” near the previous all-time high of $73,737 back in November. Kibar noted that historically, the flagship cryptocurrency tends to undergo a parabolic surge whenever it surpasses the minor high within a cycle.
Notably, this November 2024 breakout has created a cup and handle pattern, a technical analysis formation resembling a cup shaped like the letter “u,” with the handle showing a slight downward slope. The cup and handle is considered a bullish setup, indicating the potential for a continued upward trend.
In this instance of the pattern, BTC’s price continued to climb after breaching the $73,737 mark, eventually reaching a six-figure valuation. However, the Bitcoin price experienced a significant correction to around $74,000 after hitting its current all-time high in January.
However, it appears that Bitcoin only faced a minor pullback to the “minor high” before resuming its primary upward trajectory. In this scenario, Kibar has set the cup and handle target for the leading cryptocurrency at approximately $137,000, indicating a potential rally of over 33% from the current price level.
Bitcoin Price Overview
Currently, the price of BTC is around $103,071, reflecting nearly a 1% increase in the last 24 hours. According to data from CoinGecko, the market leader has risen by more than 6% on the weekly timeframe.
Source link
#Bitcoin #Price #Heading #137K #Market #Expert #BTC #Broke #Nov
