Bitcoin (BTC) Price Prediction: The "Cup and Handle" pattern flashes in relation to the gold ratio, breaking through 115,000 indicates a long-term upward trend.

Today (9), in the Asian late trading session, the price of Bitcoin (BTC) hovers around $108,779, while gold consolidates between $3,000 and $3,500, with gold prices being under pressure, and Bitcoin seems ready to break out. The Bitcoin to gold ratio forms a cup and handle pattern, and analysts predict that if Bitcoin breaks through $115,000, it will signal the beginning of a strong long-term uptrend.

Bitcoin forms a "cup and handle" pattern against gold, about to break out

FXEmpire analyst Muhammad Umair stated that the ratio of Bitcoin to gold indicates it is forming a cup and handle pattern, with the current price at the edge of this pattern. A breakthrough at the level of 42 could trigger a strong pump in this ratio to 110. This upward breakout could push the price of Bitcoin above $115,000, potentially triggering a strong pump to the $140,000 area.

(Source: Trading View)

The weekly chart below further highlights the bullish price trend of Bitcoin against the gold ratio, showing that the ratio is currently attempting to break through the arc. This move could trigger an upward trend in the ratio. A breakout above the level of 42 could lead to a strong upward momentum.

(Source: Trading View)

Bitcoin Technical Analysis

The Bitcoin weekly chart shows that the price is consolidating below the $115,000 area. This area is considered a key resistance level for the Bitcoin network. An orange circle is highlighted in the chart, indicating the position where the price previously formed a strong top.

However, if the price breaks through $115,000 this time, it may signal the beginning of a strong long-term upward trend. The RSI remains above 60, indicating there is still room for upward movement in the future. The current pattern shows a long-term downward trend and seems to be influenced by the expansion of the cup-shaped pattern.

(Source: Trading View)

The Bitcoin daily chart below also confirms the bullish price trend. Specifically, the chart shows that the price is consolidating above 100,000 USD. In addition, it is approaching the resistance level of the red trend line near 115,000 USD.

Breaking through this red dotted trend line could trigger a strong movement. In this case, the next target is the level of $140,000, marking the first significant milestone of this bullish pattern. Additionally, the emergence of an ascending expanding wedge pattern indicates that volatility is increasing, supporting the possibility of a substantial breakout.

In addition, the daily chart below shows a strong price trend, indicating a potential upward breakout. The formation of a double bottom pattern further suggests that the price may continue to rise. If a breakout occurs, the Bitcoin price could reach the 140,000 USD mark.

(Source: Trading View)