{"id":7882,"date":"2025-05-10T23:21:17","date_gmt":"2025-05-10T23:21:17","guid":{"rendered":"https:\/\/demo5.dedicatedhost247.com\/zexo\/is-bitcoin-price-heading-to-137k-market-expert-says-btc-broke-out-since-nov-2024\/"},"modified":"2025-05-10T23:21:17","modified_gmt":"2025-05-10T23:21:17","slug":"is-bitcoin-price-heading-to-137k-market-expert-says-btc-broke-out-since-nov-2024","status":"publish","type":"post","link":"https:\/\/demo5.dedicatedhost247.com\/zexo\/is-bitcoin-price-heading-to-137k-market-expert-says-btc-broke-out-since-nov-2024\/","title":{"rendered":"Is Bitcoin Price Heading To $137K? Market Expert Says BTC Broke Out Since Nov. 2024"},"content":{"rendered":"


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After a somewhat sluggish start to 2025, the Bitcoin price has begun to impress in the year\u2019s second quarter. The premier cryptocurrency reclaimed the $100,000 mark earlier this week and seems to be making a play for its all-time high price<\/a> at $108,786 over this weekend.<\/span><\/p>\n

The price of BTC appears to have flipped the switch in the market, with investors feeling that the world\u2019s largest crypto market is back to where it was at the end of 2024. According to a popular crypto expert, the sell-side pressure experienced in the first few months of the year is all part of a broader price breakout.<\/span><\/p>\n

Is BTC Following This Cup And Handle Pattern?<\/b><\/h2>\n

In a May 9 post on X, chartered market technician (CMT) Aksel Kibar shared<\/a> an interesting update on his recent Bitcoin price analysis. The market expert revealed, in a late November 2024 post on the social media platform, a long-term breakout signal for the BTC price.<\/span><\/p>\n

Related Reading<\/span><\/h2>\n<\/p>\n

Following the election victory of Donald Trump as United States President, the Bitcoin and crypto markets witnessed a significant amount of bullish momentum. Kibar highlighted that BTC, as a result of the post-election rally, was breaking above a significant price level on a large (monthly) timeframe.<\/span><\/p>\n

\"Bitcoin
Source: @TechCharts on X<\/figcaption><\/figure>\n

As shown in the chart above, the Bitcoin price broke above its \u201cminor high\u201d around the former all-time high of $73,737 in November. Based on historical patterns, Kibar highlighted in his chart that the flagship cryptocurrency goes on a parabolic run whenever it surpasses the minor high in the cycle.<\/span><\/p>\n

Interestingly, this November 2024 breakout has formed a cup and handle pattern, a technical analysis pattern that resembles a cup in the shape of the letter \u201cu,\u201d and the handle has a slight downward drift. The cup and handle is considered a bullish pattern, which signals the continuation of an upward trend.<\/span><\/p>\n

In this particular iteration of this pattern, the price of BTC continued to rally after breaking the $73.737 till it reached a six-figure valuation. However, the Bitcoin price witnessed a severe correction to around $74,000 after reaching its current all-time high<\/a> in January.\u00a0<\/span><\/p>\n

However, it appears that Bitcoin only witnessed a minor pullback to the \u201cminor high\u201d before resuming its primary upward trend. In this scenario, Kibar put the cup and handle target for the market leader at around $137,000, which represents an over 33% rally from the current price point.<\/span><\/p>\n

Bitcoin Price At A Glance<\/b><\/h2>\n

As of this writing, the price of BTC stands at around $103,071, reflecting a nearly 1% increase in the past 24 hours. According to data from CoinGecko, the market leader is up by more than 6% on the weekly timeframe.<\/span><\/p>\n

Related Reading<\/span><\/h2>\n<\/p>\n
\"Bitcoin
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n

Featured image from iStock, chart from TradingView<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"

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