Bitcoin Eyes $220K on Chart Breakout

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Bitcoin has completed a multi-year chart pattern that could send it surging back into six figures, says renowned analyst Vivek Sen.

Sen told his 270,000 X followers on Thursday that Bitcoin has just completed a multi-year cup-and-handle pattern with a breakout and perfect retest. This structure, which took years to build, has now been confirmed, he added.

“Cup-and-handle breakouts don’t move 20%, the move hundreds of percent,” he said before making a bold price prediction.

“The launch is next … $220K is the minimum target.”

Previous Patterns Ended in Big Breakouts
The cup and handle is a classic bullish continuation pattern in technical analysis. It resembles a teacup on a chart, and a breakout above the handle’s resistance often signals strong upside, with a measured target equal to the cup’s depth added to the breakout point.

Bitcoin has formed this pattern previously, often preceding major rallies. During the 2020 to 2021 cycle, a multi-month cup formed from 2019 highs down to the 2020 low, with a handle in summer 2020. The breakout led to the run toward the peak at $69,000 in November 2021. Through 2022 and 2023, Bitcoin formed a massive, rounded bottom on the weekly chart as institutional accumulation picked up.

By early 2024, the price consolidated in the $60,000 to $69,000 range, forming the handle, before an explosive breakout to over $100,000. However, there may be a little further to go with this handle, as many analysts have targeted October as the bottom and cycle inflection point.

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