Bitcoin Aims to Reclaim $60,000 Amid Short-Term Correction, Analyst Predicts New Record High
Bitcoin (BTC) is targeting the psychological level of $60,000 during a short-term correction, with technical indicators suggesting the cryptocurrency is poised for a new record high.
On August 12, analyst TheMoonCarl posted on X, stating that Bitcoin is encountering key resistance. If breached, this could propel the cryptocurrency to $125,000.
This prediction is based on the formation of a “cup and handle” pattern. TheMoonCarl highlighted Bitcoin’s price movement from 2021 to the present, pointing out the cup portion that began forming after the asset’s decline in late 2021.
Bitcoin’s Cup and Handle Pattern Suggests Potential for $125,000 Breakout
The cup portion of the pattern represents a period of consolidation and recovery, where Bitcoin’s price gradually formed a rounded bottom, signifying a strong support level.
Following the cup, the handle represents a brief period of consolidation or slight retracement, which Bitcoin appears to be undergoing. The analyst noted that if Bitcoin successfully breaks out of this handle formation around the $70,000 level, the next price target could be as high as $125,000, a figure derived from adding the height of the cup to the breakout point.
Bitcoin Set for Further Gains
Meanwhile, another analyst, TheScalpingPro, also suggested in an August 12 X post that despite recent Bitcoin volatility, the cryptocurrency remains poised for a long-term bullish rally. The expert noted that Bitcoin is forming a classic parabolic curve, often associated with strong bullish momentum.
Bitcoin’s Parabolic Curve Indicates Potential for $180,000 Peak
The curve suggests that Bitcoin could experience accelerated gains through each base, potentially reaching a peak target of around $180,000. However, the analysis also highlights a possible “sell point” near the top of the curve, where a sharp correction might follow the parabolic rise.
Bitcoin recently made a swift recovery after briefly dropping below $49,000 amid US recession fears. The cryptocurrency rebounded, reaching a high of $62,500 on the weekly chart.
The current Bitcoin slump is partially attributed to a perceived lack of institutional interest in purchasing stablecoins. On August 12, the on-chain analytics platform Lookonchain noted that institutions might have stopped buying USDT two days ago.
If Bitcoin reclaims the $60,000 resistance, it will serve as a crucial anchor towards reaching $70,000, a key level for achieving a new all-time high.