Trader Who Called Bitcoin (BTC) Breakout Says Top Cryptocurrency Poised for Monster Rall…

A crypto investor and technical strategist who predicted this month’s big Bitcoin rally says the king of crypto is targeting a long-term rise to $150,000.

On January 8th, when Bitcoin was trading around $8,000, the anonymous analyst known as Financial Survivalism said BTC appeared to be forming a classic Wycoff Spring pattern. The pattern is named after the late Richard Demille Wyckoff, whose method of analysis relies heavily on laws of supply and demand and divergences between volume and price.

Since then, Bitcoin has rallied to its current price of $9,384, with the analyst now identifying a potential cup-and-handle pattern – a formation often used to project a bearish-to-bullish trend reversal.

“Bitcoin just confirmed a cup and handle with today’s close. If it can reach its target of $11,675 then it would be the first higher high on the weekly in seven months. Breaking down the low of the handle ($8,100) would invalidate the pattern.”