Bitcoin (BTC) reached an all-time high of $75,358 after rising 7.23% in one 4-hour candle. This bullish momentum comes as the country prepares for Donald Trump’s victory in the US presidential election on November 5.
As the US election concludes with a “crypto-friendly” president, one cryptocurrency analyst has reiterated his Bitcoin price target of above $100,000 in the coming weeks.
Bitcoin Cup and Handle Pattern Is “Unfolding”
Hours after the US election results came out, independent trader Titan of Crypto highlighted Bitcoin’s long-term cup and handle pattern, which is currently on a successful uptrend.
Bitcoin cup and handle pattern analysis. Source: Titans of Crypto/X
The Cup and Handle pattern has a high success rate of 95% in bullish market conditions and can produce an average return of 54% on breakout ranges.
Accordingly, the trader stated an “earnings” price target for BTC of $110,000, which is a 47% return on investment (ROI) of the current breakout price range of $75,000.
Meanwhile, Follis, a Bitcoin affiliate trader on the WOOX exchange, highlighted an unusual market phenomenon. In the
Bitcoin trading volume surges in 4 hours. Source: Police/X
The merchant added:
“Last time we saw this level of trading volume, it was at a multi-month low ($49,000). BTC rose +50% at this inflection point.”
As Follis points out, the significance of this type of market action often leads to pivot points where price moves aggressively out of range-bound conditions.
relevant: Bitcoin Shorts Are ‘Normalizing’ After New $75,000 High
Coinbase premium turns positive in Q4.
One of the key indicators to estimate the pulse of U.S. retail investors is the Bitcoin Coinbase Premium Index. The index turned green for the first time in the fourth quarter after a strong selling period in October, according to data from CryptoQuant.
Bitcoin Coinbase Premium Index. Source: CryptoQuant
It is also important to note that the index hit a yearly low on October 25, when BTC fell to $66,000. However, the index recovered quickly afterward, suggesting that spot demand for BTC from U.S. individual investors was likely to surge.
Additionally, spot deltas turned positive on other exchanges during the late hours of November 5, with Binance and Bitfinex spot markets seeing positive spot volume. This led to mass buying into Bitcoin as investors braced for positive price action ahead of the US election results.
Bitcoin spot volume on exchanges. Source: X
relevant: Why is the cryptocurrency market rising today?
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.