A widely followed crypto strategist believes that Bitcoin (BTC) could rise more than 337% based on a classic chart pattern.
Pseudonymous analyst Cheds tells his 330,400 followers on social media platform X that Bitcoin appears to be forming a cup-and-handle pattern on the weekly chart.
Cheds says that based on classic chart rules, Bitcoin could rise close to $300,000 in about two years.
“BTC visual of a bull thesis. The measured movement for a weekly cup and handle would be around $280,000 BTC, probably sometime in mid-2026.”
The trader highlights that its price target and timeline conflict with the two widely held views on Bitcoin market cycles. One is that the Bitcoin bull market will likely end in 2025 based on the four-year cycle, and the other involves a theory that BTC witnesses diminishing returns every cycle.
But in the meantime, Cheds implies that Bitcoin may have already bottomed out in its latest correction after clawing back $61,500.
“BTC is building a decent volume cluster on the four-hour chart… flip $61,500 and things get interesting.”
Looking at the trader’s chart, he seems to suggest that Bitcoin looks bullish after a fakeout to the downside. The chart also shows diagonal resistance around $63,500.
At the time of writing, Bitcoin is trading at $63,438, up fractionally in the past day.
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Generated image: Midjourney