Bitcoin has completed its cup and handle pattern, according to TradingView analysis, with bullish signals pointing to a possible technical breakout. Bitcoin (BTC) has shown renewed strength over the past week, recovering from a mid-week low and maintaining an upward trajectory. BTC reached a recent high of around $107,980 by June 25–26. As of today, it trades at $106,952, continuing to hover near local highs.Bitcoin Completed Cup and Handle PatternFollowing the recent recovery, a chart analysis from TradingView analyst TradingShot indicates a potential technical breakout. The analyst reports that Bitcoin appears to have completed a Cup and Handle pattern on the daily (1D) timeframe. This formation began in January, with BTC initially surging to $109,400 on January 20. A decline followed, bottoming near $74,000 on April 9, forming the base of the cup. Bitcoin Price Prediction Bitcoin Price Prediction The rebound that extended into May reached as high as $111,800 around May 22, which marked the right edge of the cup. After that, price action ranged between $98,300 and $110,700, shaping the handle. This period of consolidation coincided with Bitcoin dipping below its 1D MA50. After this, it rebounded at the 1D MA200, a move noted by the analyst as significant for the technical setup.Technical Indicators Signal Building MomentumAccording to TradingShot, Bitcoin not only reclaimed its 1D MA50 following the rebound but also posted a bullish signal on the MACD. The Moving Average Convergence Divergence (MACD) indicator printed a Bullish Cross, with the MACD line crossing above the signal line. This development typically points to strengthening bullish momentum and supports the possibility of further gains.The MACD crossover aligns with Bitcoin regaining its MA50, reinforcing the bullish outlook based on the completed chart pattern. Importantly, the handle segment of the cup and handle pattern has formed what the analyst refers to as an “isolated” Bull Flag. The chart projects a technical target at the 2.0 Fibonacci extension, situated at approximately $169,000.To meet the projected level of $169,000, Bitcoin would require a 57.47% increase from the current pivot level of $107,316.Bitcoin Has Room for UpsideMeanwhile, Julien Bittel, head of macro research at Global Macro Investor (GMI), shared an updated chart on June 25 showing Bitcoin’s historical correlation with global M2 liquidity, which now stands at $94.3 trillion. The chart highlights that Bitcoin has generally followed M2 trends with a 12-week lag, maintaining a broad alignment since 2023 despite occasional deviations. Currently, Bitcoin appears to be trailing the growth in global liquidity, creating a divergence that analysts are watching. This macro backdrop, paired with bullish technical signals such as the MACD crossover and the recovery of key moving averages, suggests Bitcoin may still have room to follow global M2’s upward path and approach projected cycle targets.
