Bitcoin forming Cup and Handle pattern, targeting $130k

The weekly chart of BTC/USDT shows a promising Cup and Handle formation, a bullish continuation pattern. After a strong uptrend from the 2022 lows, we're seeing what could be the handle of this pattern forming now.

Key points:

• Cup formation visible from 2022 lows to recent highs
  
• Current consolidation/pullback potentially forming the handle
  
• If pattern completes, measured move targets around $130k

The $130k target is derived from the depth of the cup, projected upwards from the handle's breakout point. However, traders should be cautious:

• Wait for a clear breakout above the handle's resistance
  
• Volume should increase on the breakout to confirm
  
• Set proper risk management - this is a long-term pattern
  

As always, combine this technical analysis with fundamental research and overall market conditions before making trading decisions. The crypto market remains volatile, and past performance doesn't guarantee future results.
What are your thoughts on this potential setup? Are you seeing any other key levels or patterns?

#Bitcoin #BTC #TechnicalAnalysis