A cryptocurrency analyst has just identified a distinct characteristic. Cup and handle forming On a Bitcoin price chart that closely mirrors the pattern silver saw right before the historic 2017 rally. At the time, the analyst said: Silver Breakthrough This core structure triggered violent price corrections as buyers flooded the market. With BTC currently tracking a similar pattern, he suggests the leading cryptocurrency could soon experience an explosive move away from its cup-and-handle structure.
Bitcoin reflects the 2017 pre-rally silver pattern.
from 2021 Bullish CycleBitcoin has formed a cup-and-handle pattern that extends to 2025 and is currently Ready to explode in 2026. Crypto analyst Merlijn the Trader shared a video chart analysis comparing Bitcoin’s current pattern to silver’s long-term cup-and-handle structure that formed before the legendary rally in 2017.
analyst famous Silver has spent nearly a decade building a broad base, which has caused many investors to lose interest. The price finally cleared the $54 level and moved higher.. Merlijn the Trader recalled a conversation from 2017 in which someone predicted silver would rise to $80, while he argued that a move above $54 would open the door for a move to the lower target range of $70 to $75.
Silver’s chart at the time was round bottom Between 2011 and 2023, resistance levels remained close to previous highs. After that level was broken, a handle formed, which quickly led to a violent price correction that pushed silver beyond the range it had been trapped in for years.
Trader Merlijn said Bitcoin is seeing a long base and slow rise, similar to silver before the big move in 2017. in the chart BTC price bottomed in 2022 bear market. It rose steadily towards its previous high, forming a round ‘cup’ matching the silver structure. The chart also highlights a resistance area around $70,000 that BTC was repeatedly rejected before finally breaking through. Once that level was cleared, the cryptocurrency formed an upward handle similar to the final consolidation that silver made before its explosive rise.
According to Merlijn the Trader, Bitcoin’s patterns reflect: seller fatigue After a long period of sideways trading. He explained that once the last sellers in the market are gone, BTC is free to adjust its price dramatically, just like silver did in 2017.
Possible targets for BTC price correction
In classic technical analysis, traders often use the cup height of a cup-and-handle pattern to predict the breakout trajectory of a coin. For BTC, this presents a potential price correction target of $120,000-$140,000 if the handle resolves like Silver did in 2017. As of this writing, the cryptocurrency is trading near $92,000, so it would need a gain of more than 30% to reach that range.
Featured image created with Dall.E, chart from Tradingview.com
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