Key Technical Indicator Suggests Bitcoin’s Price Will Soon Top $100,000

A groundbreaking technical indicator suggests that Bitcoin’s price could soon surpass $100,000, despite its current bearish trend. The cryptocurrency has seen a drop from its high of $72,000 to around $63,500. According to TradingShot, a cryptocurrency trader, Bitcoin’s price chart on the weekly timeframe has formed a significant cup and handle pattern. This pattern indicates a bullish signal, with the price trending downward before recovering and forming a “u” shape, followed by a slight drop forming the handle. While some traders may have overlooked this pattern, TradingShot emphasizes its validity. The completion of the handle depends on which moving average period holds as support. The chart suggests that Bitcoin’s price could reach a target zone of $100,000 to $110,000 if the 1D MA200 provides support. Despite recent price plunges, some on-chain analytics firms, such as Santiment, note that investors have become fearful or disinterested in Bitcoin, leading to increased FUD (Fear, Uncertainty, and Doubt). However, Santiment suggests that this level of FUD, combined with ongoing whale accumulation and trader “fatigue,” may result in bounces that reward patient investors.