Bitcoin’s path to $340,000 hinges on a critical support level, according to prominent crypto analyst PlanD. Despite recent price retracement, technical analysis suggests BTC remains in a strong uptrend – but only if prices maintain above a key threshold. Recent analysis warning of a potential bearish reversal at $93K adds context to this developing situation.
Cup and Handle Pattern Points to Massive Bitcoin Rally
A massive 3-year cup and handle pattern has formed on Bitcoin’s chart, traditionally a highly bullish continuation signal. The pattern consists of:
- Cup formation: BTC’s decline from $69K (Nov 2021) to March 2024 recovery
- Handle: Descending channel from March-October 2024
- Breakout: Decisive move above $76K neckline in November 2024
Critical Support Zone: $91,000 – $100,000
For the bullish thesis to remain valid, Bitcoin must defend the crucial support zone between $91,000 and $100,000. This aligns with recent analysis showing cautious optimism based on Bitcoin’s Sharpe ratio.
Current Market Status
Bitcoin currently trades at $104,739, showing resilience with a 0.64% daily gain. Key levels to watch:
- Current price: $104,739
- 24h volume: $40.03B (↑31.28%)
- Immediate resistance: $106,000
- Secondary resistance: $109,000
- All-time high: $111,970
FAQ
What could invalidate the $340K target?
A sustained break below the $91,000 support level would significantly damage the bullish outlook.
When could Bitcoin reach $340,000?
According to PlanD’s analysis, this target could be achieved before 2025, assuming the support structure holds.
What technical indicators support this prediction?
The primary indicator is the cup and handle pattern, supported by current price action above key support levels.