The daily chart shows that the price of Bitcoin surged last week as investors awaited the arrival of cryptocurrencies. It remains above the important resistance of $110,000, the top of the cup and handle pattern.
C&H is a common continuation pattern composed of a rounded bottom. The handle, in this case, formed as a downward channel between May 22 and July 2.
The price of BTC also formed a bullish flag and has stayed above all moving averages. The 50 and 100-day averages have provided substantial support in recent months.
In this case, the profit target is set by first measuring the distance between the top and bottom of the cup. This height is $34,500 ($109,220 minus $74,723). This height is also the height of the flagpole.
By adding this height to the top of the cup, the target price is set at $144,500. A move above this target will increase the likelihood of Bitcoin's price reaching $150,000.
However, the rise to $150,000 is likely not to be linear, and the coin may experience pullbacks as investors sell the news. In this case, it is likely to form a breakout and re-test pattern, pulling back to $110,000 and then resuming the uptrend.