Bitcoin’s $340K Target: Will Support Hold?

PlanD, a prominent crypto analyst, predicts Bitcoin (BTC) could surge to $340,000 if a crucial support level holds. This prediction is based on a three-year “giant cup and handle” chart pattern, a bullish indicator suggesting continued price growth. The pattern shows Bitcoin's price crash from its previous all-time high of $69,000 in November 2021, followed by a recovery and breakout above the neckline at $76,000 in November 2024. The recent price dip to below $104,000, after hitting a new all-time high of $111,970, is viewed as a minor correction within this larger bullish trend. The key support level identified by PlanD is the $91,000-$100,000 range. If Bitcoin remains above this level, the correction will be seen as a mere pullback before a significant price upswing. Failure to hold this support, however, could invalidate the bullish pattern and the $340,000 target. Currently, Bitcoin is trading around $104,739, showing a slight daily increase but facing resistance levels at $106,000 and $109,000 before reaching its previous all-time high. The analyst's prediction highlights the importance of this support zone for the continuation of the bullish momentum and the potential for substantial price gains in the near future. It underscores the volatility inherent in the cryptocurrency market and the need for careful risk management. The $340,000 price target, while ambitious, is predicated on a specific technical analysis pattern and the maintenance of a vital support level. Traders and investors should closely monitor Bitcoin's price action around the $91,000-$100,000 range to assess the validity of this forecast.

(Source: https://www.newsbtc.com/news/bitcoin/bitcoin-tipped-for-340000-target-if-this-support-level-holds-details/)