A closely followed crypto analyst believes Bitcoin could surge more than 337% based on a historical chart pattern.
Analyst Cheds told his 330,000 plus followers on social media platform Twitter that Bitcoin appears to be forming a classic “cup and handle” pattern on its weekly chart.
According to the rules of the pattern, he said, Bitcoin could rally to $280,000 over the next couple of years.
Sharing a chart in his tweet, the popular analyst said:
In subsequent tweets, Cheds emphasized that his price target and timeline go against two popular views about Bitcoin’s market cycles.
One is that Bitcoin’s bull market is likely to end in 2025 based on its four-year cycle, and the other that BTC is seeing diminishing returns after each halving cycle.
However, after the recent pullback, Cheds argues that Bitcoin may have bottomed in its correction after the leading crypto asset reclaimed the $61,500 level.
He then suggested that Bitcoin is likely to rally after a relief rally, also noting that a crucial resistance level BTC needs to clear to continue its uptrend is $63,500.
At time of writing, Bitcoin is trading at $63,647, slightly up about 0.64% in the past 24 hours.
