An anonymous crypto strategist, known as Cheds, predicts a massive surge in the price of Bitcoin (BTC) based on a classic chart pattern. Cheds, who has a significant following of 330,400 users on X, suggests that Bitcoin is forming a cup-and-handle pattern on the weekly chart. According to traditional charting rules, this pattern indicates that Bitcoin could reach as high as $300,000 within the next two years.
Cheds acknowledges that his price target and timeline go against the prevailing views on Bitcoin’s market cycles. While some people believe that the Bitcoin bull market will end in 2025 based on the four-year cycle, others argue that each cycle yields diminishing returns. However, Cheds implies that Bitcoin may have already hit the bottom of its recent correction after reclaiming the $61,500 level.
Examining Cheds’ chart, it becomes clear that he sees Bitcoin as bullish, despite a brief drop. The chart also shows a diagonal resistance at approximately $63,500. As of now, Bitcoin is trading at $63,438, showing a slight increase in the past day.
Please note that the opinions expressed by Cheds and other contributors at The Daily Hodl are not to be taken as investment advice. Investors should conduct thorough research before engaging in high-risk investments in Bitcoin or other cryptocurrencies. Additionally, any transfers or trades made are done at one’s own risk, and any resulting losses are the investor’s responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice.
