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Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Bitcoin: «a cup with a handle» and a path to $110,000?

September, 03 2024
watermark Economic news

September is traditionally considered an unfavorable month for bitcoin, but this year everything may change. According to the latest technical analysis data, bitcoin may exceed expectations and show impressive growth.


The so-called «cup with a handle» pattern, which has been observed on the bitcoin chart for three years, attracts the most attention. This recognized bullish graphical pattern indicates a rapid and large-scale growth that can raise bitcoin to $110,000.


The formation of the «cup with a handle» model began after bitcoin fell from a historical high of $69,000 to a low of $15,500. This fall created a «bowl» — a rounded bottom, signaling a gradual recovery of the market.


The subsequent impressive rally led bitcoin to a new historical high of $73,800. Currently, the price is in a consolidation phase, which, according to analysts, prepares the ground for the next powerful upward movement.


Despite the sad story of September for bitcoin, all signs indicate that this year may be an exception. The massive price spike predicted by the «cup with a handle» shape will give investors hope after a difficult year.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.