Crypto analyst CobraVanguard has revealed that the Bitcoin price has entered an ascending phase after a cup and handle formation at the $105,000 level. Based on this bullish pattern, the analyst highlighted the price target that BTC could reach as it enters this ascending phase.
Bitcoin Price Could Rally To $123,000 As It Enters Ascending Phase
In a TradingView post, CobraVanguard predicted that the Bitcoin price could rally to $123,000 as it enters the ascending phase by the cup and handle pattern. According to the analyst, BTC is in a large cup and handle, and if it follows this pattern, its price will have a nice rally. His accompanying chart showed that the flagship crypto could hit the $123,000 price target.
The analyst also revealed his golden analysis for the Bitcoin price, in which he revealed that the flagship crypto could rally to as high as $260,000 in this market cycle. His accompanying chart highlighted an ascending channel, which showed that BTC could hit this target if it reached the upper part of the channel.
Interestingly, other crypto analysts have provided higher targets for the Bitcoin price in this market cycle. Crypto analyst Tony Severino recently predicted that BTC could reach as high as $321,000 in this cycle. He highlighted a potential head and shoulder pattern on BTC’s chart and stated that the flagship crypto could reach this target if the pattern were valid.
He also raised the possibility of the Bitcoin price rallying to $345,000. Severino explained that BTC could reach this ambitious price target if it touches the upper boundary of the primary uptrend channel over the last eight years or thereabouts. Meanwhile, for his more conservative targets, he predicted that Bitcoin’s price could top between $158,000 and $191,000 in this market cycle.
Why BTC Hasn’t Reached Its Market Top Yet
Amid the bearish signals pointing to a market top, crypto analyst Ali Martinez outlined several reasons why the Bitcoin price still has more room to grow in this bull run. First, he noted that cycle shifts typically occur when BTC surpasses 2.4x the 200-day Simple Moving Average (SMA), which is currently at $184,600.
Furthermore, Martinez stated that the Mayer Multiple suggests the Bitcoin price has more upside, with a potential market top of around $182,000. From a technical perspective, the crypto analyst highlighted Bitcoin’s cup-and-handle breakout, which points toward a target of $276,400. Lastly, he alluded to the halving cycle theory, which suggests that BTC could reach a market top between May and October 2025.
At the time of writing, the Bitcoin price is trading at around $104,700, down almost 1% in the last 24 hours, according to data from CoinMarketCap.
Source: NewsBTC