Is Bitcoin Price Heading To $137K? Market Expert Says BTC Broke Out Since Nov. 2024
By: cryptonews|2025/05/10 23:15:05
0
Share
After a somewhat sluggish start to 2025, the Bitcoin price has begun to impress in the year’s second quarter. The premier cryptocurrency reclaimed the $100,000 mark earlier this week and seems to be making a play for its all-time high price at $108,786 over this weekend. The price of BTC appears to have flipped the switch in the market, with investors feeling that the world’s largest crypto market is back to where it was at the end of 2024. According to a popular crypto expert, the sell-side pressure experienced in the first few months of the year is all part of a broader price breakout. Is BTC Following This Cup And Handle Pattern? In a May 9 post on X, chartered market technician (CMT) Aksel Kibar shared an interesting update on his recent Bitcoin price analysis. The market expert revealed, in a late November 2024 post on the social media platform, a long-term breakout signal for the BTC price. Following the election victory of Donald Trump as United States President, the Bitcoin and crypto markets witnessed a significant amount of bullish momentum. Kibar highlighted that BTC, as a result of the post-election rally, was breaking above a significant price level on a large (monthly) timeframe. As shown in the chart above, the Bitcoin price broke above its “minor high” around the former all-time high of $73,737 in November. Based on historical patterns, Kibar highlighted in his chart that the flagship cryptocurrency goes on a parabolic run whenever it surpasses the minor high in the cycle. Interestingly, this November 2024 breakout has formed a cup and handle pattern, a technical analysis pattern that resembles a cup in the shape of the letter “u,” and the handle has a slight downward drift. The cup and handle is considered a bullish pattern, which signals the continuation of an upward trend. In this particular iteration of this pattern, the price of BTC continued to rally after breaking the $73.737 till it reached a six-figure valuation. However, the Bitcoin price witnessed a severe correction to around $74,000 after reaching its current all-time high in January. However, it appears that Bitcoin only witnessed a minor pullback to the “minor high” before resuming its primary upward trend. In this scenario, Kibar put the cup and handle target for the market leader at around $137,000, which represents an over 33% rally from the current price point. Bitcoin Price At A Glance As of this writing, the price of BTC stands at around $103,071, reflecting a nearly 1% increase in the past 24 hours. According to data from CoinGecko, the market leader is up by more than 6% on the weekly timeframe.
You may also like
Former ByteDance employee's account: How I started with two Pinduoduo hard drives and made six times the profit with Seagate to achieve financial freedom?
A programmer from a big tech company bought hard drives on Pinduoduo and, following clues, managed to accurately capture the sixfold rising stock Seagate using the "finding daily anomalies + 13F institutional verification" framework, making a wild profit of $400,000 and achieving financial freedom.
Visa and Mastercard join 140 giants to launch a new stablecoin, but the impact on the market landscape may still be limited
As an important milestone event in the stablecoin landscape, OUSD is likely to change the existing stablecoin landscape and significantly increase the adoption rate of stablecoins in the global financial system.
WEEX Launches Depth Chart for Spot Trading
WEEX Spot now supports Depth Chart, helping users visualize buy and sell orders, spot liquidity walls, and understand market depth more clearly before placing trades.
MiCA reshuffle begins, Binance temporarily bids farewell to the EU
What Binance leaves behind is not scattered retail investors, but a whole batch of high-value users who are forced to liquidate and have almost nowhere to go.
Raising interest rates to protect STRC and selling coins to maintain credit, this time the strategy has chosen the two most expensive paths
The rebound in BTC prices can make all problems simple.
Morning Report | Samsung announces a 265.5 trillion won investment plan, focusing on semiconductor and AI computing power data centers; Vitalik publishes an article detailing the entire technology tree behind the confusion protocol (iO) mainline
Overview of Important Market Events on June 29
In the era of AI, what is left of Bitcoin?
AI can generate a fake image, create a fake video, and even forge a person's voice. But it cannot make the entire Bitcoin network acknowledge a non-existent transaction out of thin air.
NeoSoul announced plans to integrate with the OKX Agentic Wallet, promoting AI agents' participation in the on-chain economy
After the integration is complete, the AI entity will be able to manage on-chain assets, pay service fees, and perform related on-chain operations.
Why Is Bitcoin Lagging Stocks in 2026? AI Stocks, ETF Outflows, and the Nasdaq Rally Explained
Stocks are hitting record highs while Bitcoin continues to lag. Discover why AI stocks are attracting institutional capital and what it means for crypto traders.
What you bought on CEX is really not US stocks: Analyzing the 94% liquidation monopoly and the evaporation of equity under a five-layer pipeline
Peeling back its smooth trading interface to examine the underlying legal relationships and settlement processes, you will find that this is far from a simple "RWA asset revolution," but rather a complex game of interests involving spot pricing, rights ownership, and the monopoly of underlying custo...
In such a crowded cross-border payment arena, where is the next stop for the future?
Only by stepping into the mud can one have the chance to touch gold.
Why Is Bitcoin Down in 2026? What We Can Learn From 2022
Why is Bitcoin down in 2026? Bitcoin has just recorded its worst first half since 2022, with back-to-back quarterly losses, record ETF outflows, and extreme fear. Here's what history says, how 2026 differs from the last bear market, and the three signals traders should wat
The large models in the United States are moving towards closure in the name of security
The government successfully inserted itself as an approver between commercial AI models and their users for the first time.
From the white-haired stock god to the billionaire fund mogul, the smart people shorting Nvidia are all getting rich using the same framework
Give up on heavily investing in Nvidia's "nine major bottlenecks"! This article analyzes the underlying logic behind top AI investors making billions: physical infrastructure such as electricity, HBM, and optical interconnects are the true keys to wealth in AI hardware.
Morning Report | CoinEx becomes a key hub for Iran to evade sanctions, involving over $3.8 billion in funds; Kalshi seeks a new round of financing, with a valuation potentially rising to $40 billion
Overview of Important Market Events on June 25
Global Launch: As predictions become the most scarce asset in the AI era, Manadia is defining the next generation of the value internet
The trusted AI prediction ecosystem Manadia, which has secured $7 million in funding from well-known institutions like OKX, will globally launch in June. The core token UMXM has already been listed on multiple mainstream platforms, inviting you to seize the new blue ocean of the trillion-level predi...
Why do cryptocurrency projects always like to change their names?
In many cases, the old names of encryption projects have no competitive advantage, only historical baggage.
Who is footing the bill for the $64 billion accounting frenzy?
Affected by Bitcoin falling below $60,000, publicly listed companies heavily invested in this asset are facing huge paper losses and valuation discounts, and their debt structure and accounting standards may trigger structural liquidity risks in the future.
Former ByteDance employee's account: How I started with two Pinduoduo hard drives and made six times the profit with Seagate to achieve financial freedom?
A programmer from a big tech company bought hard drives on Pinduoduo and, following clues, managed to accurately capture the sixfold rising stock Seagate using the "finding daily anomalies + 13F institutional verification" framework, making a wild profit of $400,000 and achieving financial freedom.
Visa and Mastercard join 140 giants to launch a new stablecoin, but the impact on the market landscape may still be limited
As an important milestone event in the stablecoin landscape, OUSD is likely to change the existing stablecoin landscape and significantly increase the adoption rate of stablecoins in the global financial system.
WEEX Launches Depth Chart for Spot Trading
WEEX Spot now supports Depth Chart, helping users visualize buy and sell orders, spot liquidity walls, and understand market depth more clearly before placing trades.
MiCA reshuffle begins, Binance temporarily bids farewell to the EU
What Binance leaves behind is not scattered retail investors, but a whole batch of high-value users who are forced to liquidate and have almost nowhere to go.
Raising interest rates to protect STRC and selling coins to maintain credit, this time the strategy has chosen the two most expensive paths
The rebound in BTC prices can make all problems simple.
Morning Report | Samsung announces a 265.5 trillion won investment plan, focusing on semiconductor and AI computing power data centers; Vitalik publishes an article detailing the entire technology tree behind the confusion protocol (iO) mainline
Overview of Important Market Events on June 29
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com
