The price of Bitcoin (BTC) has risen by nearly 30% since its low of under $60,000 on February 6. A multi-year bull market model suggests that the BTC price could rise to $220,000 in the coming months. This is reported by Cointelegraph.com .
On the weekly chart, the Bitcoin price has formed a "cup-and-handle" pattern. This model includes a rounded price recovery (the cup) followed by a short consolidation phase (the handle). Typically, such a technical setup signals a sharp upward price movement.
Technical analyst Crypto Tice announced on his X social media page that Bitcoin has completed a multi-year "cup-and-handle" pattern. The expert noted that such breakouts are not limited to small movements but lead to price increases of hundreds of percent.
Currently, the Bitcoin price has retested the "neckline" of the cup, which is around $65,000 – $74,000. For the breakout to be successful, the price must consolidate above this level. The analyst believes the retest process is over and the next stage will be a sharp price rally.
According to TradingView data, the final target of this model is $295,000, which is approximately 280% higher than the current price. Previously, logarithmic price models also indicated that Bitcoin could rise to $255,000 by the end of the year and to $308,000 by 2027.
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