The US tech stocks within the Nasdaq Composite experienced a notable downturn, trading down by -6.96% over the one-month period ending April 18. In contrast, Bitcoin’s price saw a modest gain of just under 1% during the same timeframe.
This increase follows a remarkable four-day bounce back to the $85,000 range from a recent low of $75,000—a significant bear test since Bitcoin surged past this threshold last November, ultimately reaching a peak of $109,000 on January 20.
The BTC Cup and Handle Indicator
Simultaneously, Bitcoin prices on various crypto exchanges have formed a bullish cup and handle chart pattern when viewed over the month. The ‘cup’ itself developed over eight days from April 4 to April 12, followed by a prolonged six-day ‘handle’ that extended through April 18.
Trade volume peaked at $98 billion on April 7, coinciding with the cup’s formation, and subsequently dropped to below $21 billion by April 18, indicating typical activities in a pre-rally market environment.
18-Month Support Line for Bitcoin Prices
The emergence of this bullish cup and handle signal coincides with a crucial inflection point for Bitcoin, reflecting its long-term trend lines. According to market analyst Michaël van de Poppe, this trend, characterized by an upward trajectory, appears to be maintaining a vital support level for the cryptocurrency sector.
The total market capitalization trend continues to be upwards and is holding a crucial support level for #Crypto. pic.twitter.com/7uaK2IHs54
— Michaël van de Poppe (@CryptoMichNL) April 16, 2025
Van de Poppe emphasized the significance of the rising market capitalization trend, highlighting Bitcoin’s resilience despite the recent price corrections from the January high of $109,000.
Forecast: $150,000 BTC by October?
If Bitcoin maintains price movements similar to the rally observed from July to January while remaining above its long-term support lines, projections suggest that Bitcoin could reach $150,000 by October. This forecast aligns with other analysts’ predictions, including those from UK-based Standard Chartered, which anticipates Bitcoin could hit $200,000 by 2025 and potentially $500,000 by 2029.
Furthermore, popular investment platform Motley Fool regards a $200,000 valuation for Bitcoin by 2025 as “fairly probable.” Meanwhile, BlackRock’s Larry Fink foresees a scenario in which extreme market conditions could inflate Bitcoin’s price to an astonishing $700,000.
The implications of these forecasts illustrate the growing optimism surrounding Bitcoin’s future as it consolidates its market position amid fluctuating tech sector performance.
The original post can be found on CryptoPotato.
