👀 Bitcoin hits $166,000! 💥Two rare chart patterns suggest a big rally is imminent?
While Bitcoin price volatility has increased recently, two super rare chart patterns have emerged that could mean the price of Bitcoin is finally about to make a big rebound!
Everyone is now worried about the trade war, especially the US's imposition of tariffs on Chinese goods, which could affect more than $450 billion in international trade. The tension has scared market participants, with the Fear and Greed Index falling to 44, indicating caution.
Meanwhile, investors are now sitting on the sidelines, making the Bitcoin market nervous. Strategy has paused its purchases of Bitcoin, and open interest in the CoinGlass futures market is also weakening. Although the current inflow of funds into spot Bitcoin ETFs has stabilized at around US$57 billion, this is a significant drop from this year's peak of US$68.5 billion.
Bitcoin prices were also affected as the Federal Reserve turned more hawkish, suggesting only two rate cuts would be made this year. Typically, Bitcoin and other altcoins perform better when the Fed is more dovish.
But let's look at the technical side. Bitcoin’s weekly chart shows two rare chart formations that often signal big gains ahead.
The first is the cup and handle pattern (between November 2021 and November last year), which determines the profit target by measuring the depth of the cup, which rises by nearly 80%, and then rises by the same distance. The Bitcoin price points to $124,000!
The second is the bullish flag pattern (November 2024-present), which consists of a long vertical line and rectangular pattern. We call this vertical line the "flagpole" and its "height" is approximately 55%. If we start from the top of the flagpole and extend outward at the same “height” increase, the price of Bitcoin could break through to $166,000.
It’s important to note that these predictions are based on the weekly chart, so it may take a while for them to come true. Therefore, it may take some time for the Bitcoin price to surge to $166,000.
💬What do you think? Do you think Bitcoin can really reach 166,000 in the medium to long term? Or do you think this is just a fantasy? See the comments section!
