dailyhodl.com
A widely followed crypto strategist believes that Bitcoin (BTC) can skyrocket over 337% based on a classical chart pattern.
Pseudonymous analyst Cheds tells his 330,400 followers on the social media platform X that Bitcoin appears to be forming a cup-and-handle pattern on the weekly chart.
Cheds says that based on classical charting rules, Bitcoin could soar close to $300,000 in about two years.
“BTC visual of a bull thesis. Measured move for a weekly cup and handle would be roughly $280,000 BTC, likely sometime in mid-2026.”
The trader highlights that his price target and timeline go against the two widely held views on Bitcoin’s market cycles. One is that the Bitcoin bull market will likely end in 2025 based on the four-year cycle and the other one involves a theory that BTC is witnessing diminishing returns each cycle.
But in the meantime, Cheds implies that Bitcoin may have already seen the bottom of its latest correction after reclaiming $61,500.
“BTC decent volume cluster building on the four-hour chart… flip $61,500 and it gets interesting.”
Looking at the trader’s chart, he seems to suggest that Bitcoin looks bullish following a fakeout to the downside. The chart also shows a diagonal resistance at around $63,500.
At time of writing, Bitcoin is trading for $63,438, a fractional increase in the past day.
Generated Image: Midjourney