Bitcoin (BTC) is displaying bullish technical formations that could signal a significant price rally in the near future.
According to CobraVanguard, a prominent crypto analyst on TradingView, the formation of two well-known bullish patterns—the Cup and Handle and Ascending Triangle—are creating an optimistic outlook for the leading cryptocurrency.
Key Bullish Patterns Signal a Price Surge
The Cup and Handle pattern, a classic continuation pattern in technical analysis, suggests that Bitcoin may be on the verge of a strong upward move.
With the price currently trading at $95,806, analysts believe that the rally could take Bitcoin towards a target of $120,000 in the coming weeks, which would mark a new all-time high.
In addition to the Cup and Handle pattern, an Ascending Triangle is also visible on the chart. This pattern is another bullish signal, indicating increasing buying pressure as the price approaches the upper resistance level.
AB=CD Harmonic Pattern Points to Further Upside
CobraVanguard also highlights the presence of an AB=CD harmonic pattern, which suggests symmetry in Bitcoin’s price movements and signals a measured move to the upside once completed.
If this pattern fully develops, Bitcoin’s price could push past the initial target of $120,000, with a potential higher target of $124,619.
Whale Activity Fuels Bitcoin Buying Pressure
As Bitcoin’s price remains below $100,000, whales are capitalizing on the opportunity, purchasing large amounts of BTC during the current downtrend.
Whale activity has been on the rise, with reports indicating significant inflows into accumulation addresses. This behavior is typically seen before a potential price rally, as these deep-pocketed investors position themselves for future gains.
Coinvo, a cryptocurrency analytics firm, has shared data showing a sharp increase in Bitcoin inflows to accumulation addresses, further supporting the case for a potential rally.
The increased buying pressure from whales could serve as a catalyst for Bitcoin to push higher toward the $120K target and beyond.
Market Outlook
With bullish technical patterns emerging and significant whale activity, Bitcoin’s outlook looks promising.
If the current momentum continues, Bitcoin could experience a strong rally, potentially reaching new all-time highs.
However, market participants are watching closely for any breakout above the resistance levels, which could trigger the next wave of buying.
