"Cup-And-Handle" Pattern Formation – Is Bitcoin Still Aiming For The $300,000 Mark?

In the current bullish phase of Bitcoin (BTC), renowned analyst Gert Van Lagen boldly predicts that BTC could reach $300,000, based on technical models and recent market developments. Cup-And-Handle Pattern: Strong Bullish Signal On May 24, Gert Van Lagen shared on platform X that since the previous cycle in 2021, the BTC price chart has formed a cup-and-handle pattern (separation and handle) – a familiar bullish continuation pattern in technical analysis. The "cup" was formed from the end of 2021 to the beginning of 2024, when the price of BTC fell deeply from the old peak of around $69,000, then formed a circular bottom and gradually recovered to this old peak. After touching the $69,000 level again, the market has adjusted to form the "handle" part of the pattern, extending into Q3 2024. This is a stepping stone for a major breakout. BTC has broken the cup-and-handle pattern by surpassing the resistance level of $69,000 – considered a confirmation signal for the upcoming strong bullish trend. Van Lagen predicts that using linear calculation methods, BTC could very well reach the price range of $120,000–$130,000 in the short term, and further on to $300,000. Factors Supporting Strong Growth In the past, Bitcoin experienced a growth of 100 times from 2013 to 2017 and 21 times from 2018 to 2021, demonstrating explosive price potential as the market entered a bullish phase. In 2024, the approval of spot Bitcoin ETFs paved the way for institutional money to flow into the market. The participation of major institutions reflects long-term confidence in the value and potential of BTC, while also creating more stability for the market. Although the market capitalization of BTC has reached 2 trillion USD, causing parabolic bullish phases to be possibly not as strong as before, the natural volatility of the crypto market still provides extraordinary growth potential for Bitcoin. Political Influence and Price Volatility Although BTC has just undergone a slight correction due to former President Trump's proposal to impose a 50% tax on EU goods, this digital currency still increased by 5.35% in the past week, indicating strong buying power and positive market sentiment. Summary The technical model combined with macro factors such as institutional capital flow and key policy shifts is creating a favorable environment for Bitcoin to continue its bullish trend. With what is happening, the target of $300,000 is no longer a fanciful notion, but a possibility with a clear basis if the current momentum continues to be maintained.