Massive Bitcoin Bull Run Ahead? Two Chart Patterns Mirror BTC’s Rally to $109K

Introduction

While traditional media continues to emphasize inflation fears, geopolitical unrest, and heightened regulatory scrutiny, an undercurrent of optimism is quietly building in the world of cryptocurrency—especially among seasoned crypto investors. Amidst the fear-driven sentiment dominating conversations, Bitcoin (BTC) is quietly setting up for what could be one of its most significant rallies yet. Technical charts are revealing patterns that, in the past, have preceded monumental bull runs. If current chart formations hold true and the macroeconomic environment remains favorable, Bitcoin could be preparing to push well beyond the six-figure threshold, targeting levels over $100,000. This article dives into the technical patterns, expert predictions, market psychology, and risk factors that are shaping up the foundation for Bitcoin’s next potential leap.

Chart Pattern 1: The Cup and Handle

The first major bullish setup forming on the Bitcoin weekly chart is the well-known Cup and Handle pattern. Commonly used in technical analysis, this pattern symbolizes a period of accumulation followed by a brief correction or consolidation phase—the “handle”—before inciting a breakout.

Specifically for Bitcoin, the “cup” formation began during the prolonged bear market of 2022, with BTC bottoming around $15,800. This rounded bottom gradually shifted into a bullish recovery throughout 2023, as the price moved back upward, eventually challenging previous all-time highs around the $65,000 range. Over the past few months, Bitcoin has exhibited price stagnation and minor pullbacks, forming the characteristic “handle” that signals preparation for a potential breakout.

The historical significance of this pattern cannot be understated. The previous time this pattern appeared, in early 2020, Bitcoin rallied from under $10,000 to over $64,000 within the same year—a more than sixfold increase. Given the similar structure forming now, analysts project that this breakout, if validated, could lift Bitcoin to new all-time highs, with some targets pointing as high as $109,000, based on the cup’s depth and breakout projections.

Volume analysis further supports the bullish narrative. During the handle phase, Bitcoin’s trading volume tends to contract—indicating consolidation—before a spike signals the beginning of a breakout. As of mid-2024, analysts have observed a similar decline in volume during the handle, which often precedes a resumption of upward momentum.

Chart Pattern 2: Bullish Ascending Triangle

Reinforcing the bullish outlook is another classic formation appearing on the Bitcoin chart—the Ascending Triangle. Ascending triangles are traditionally known for being continuation patterns that signal persistent buying pressure against a consistent resistance level, often resulting in a breakout to the upside.

On current charts, Bitcoin is portraying higher lows, building a strong base beneath a resistance level that is closely aligned with the $72,000 price point. This ascending triangle structure reveals increasing buyer confidence, as bulls step in at higher prices following every dip, forcing the price toward the resistance zone. If Bitcoin breaks above this key resistance level, the projected measured move suggests a subsequent surge—as observed in past market cycles.

This formation is not new to Bitcoin enthusiasts. Back in October 2020, a very similar ascending triangle materialized, with resistance near the $12,000 mark. Once the price successfully broke above it, a massive bull run ensued, multiplying Bitcoin’s price by 5x within months. Many analysts and chartists believe that the current setup could yield a comparable result, potentially taking Bitcoin into the six-figure price range—between $100,000 and $120,000—depending on breakout strength and post-breakout acceleration.

Further strengthening the argument for a breakout are supportive candlestick formations and declining exchange reserves, suggesting coins are being moved into cold storage, reducing supply liquidity. Combine this limited sell-side pressure with rising demand due to traditional finance’s growing involvement in crypto markets, and the convergence of technical and fundamental dynamics appears increasingly compelling.

Expert Insights on the Potential Bull Run

A variety of market analysts and institutional strategists are voicing similar optimism. According to Benjamin Cowen, founder of Into The Cryptoverse, “If we zoom out, macro-level chart structures are aligning in favor of the bulls. The risk-reward ratio right now is more compelling than it was in early 2021. Bitcoin is showing maturity, and the market cycle appears to be unfolding naturally.”

Katie Stockton, Managing Partner at Fairlead Strategies, echoes this interpretation: “The simultaneous appearance of the Cup and Handle and Ascending Triangle patterns is a rare and powerful combination. Both patterns reflect significant institutional accumulation – a prerequisite to sustained upward price action.”

These sentiments are grounded not only in charts but also in data. A number of fundamental factors are currently contributing to bullish momentum, including:

• Spot Bitcoin ETFs: The approval and strong inflows into Spot Bitcoin ETFs have been a game-changer in terms of accessibility and credibility. Institutional investors now have a regulated avenue to gain Bitcoin exposure, which has led to billions in cumulative capital inflow and rising price floors.
• Post-Halving Dynamics: Bitcoin’s fourth halving occurred earlier this year, reducing the miner block reward from 6.25 to 3.125 BTC. Historically, post-halving cycles have seen supply shocks that exacerbate price appreciation, especially when demand continues to rise.
• Macroeconomic Shifts: With fiat currencies facing inflationary pressure and bond yields offering diminishing returns, investors are pivoting toward hard assets. Bitcoin, with its built-in scarcity and predictable issuance, is gaining favor as a potential hedge in both institutional and retail portfolios.

All of these point toward a market primed for a significant movement. Cowen concludes, “We are witnessing a unique convergence of favorable chart patterns and compelling macro-financial conditions. That’s not something to ignore lightly.”

Risk Factors and Cautionary Points

Despite the strong bullish setup, it would be naïve to ignore the risks that come with crypto investing. Bitcoin remains a highly volatile asset class, and while technical patterns offer high-probability scenarios, they do not guarantee future outcomes. Several potential hazards could disrupt the bullish thesis:

• Regulatory Clampdowns: Increased scrutiny from U.S. and global regulators—especially targeting cryptocurrency exchanges and DeFi protocols—could spook investors and create downward pressure.
• Macroeconomic Policy Changes: Sudden interest rate hikes or liquidity tightening from global central banks could drain capital from risk assets like Bitcoin, at least temporarily.
• Black Swan Events: Cyberattacks, exchange insolvencies, or major geopolitical escalations remain high-risk catalysts capable of disturbing short-term price action.

Moreover, while chart patterns provide strategic entry signals, successful investing also demands effective risk management. Crypto investors should consider precautionary tools such as:

• Implementing tight stop-loss orders to protect capital during unexpected downturns.
• Practicing portfolio diversification to spread exposure across different asset classes.
• Engaging in dollar-cost averaging (DCA) to mitigate the risks of buying at local tops.

The goal is not only to capture upside but also to safeguard against downside volatility—which is an inevitable component of any crypto bull run.

Conclusion

Bitcoin’s technical landscape is currently exhibiting high-confidence signals that point to the possibility of a major bullish breakout. Both the Cup and Handle and the Ascending Triangle chart patterns suggest a potential rally towards the Bitcoin price prediction levels of $109,000 or beyond. These formations, when combined with increasing institutional involvement, ETF-driven adoption, and favorable macroeconomic shifts, build a compelling foundation for further growth.

Of course, as with any investment, this scenario carries risks—including regulatory and monetary policy developments. However, for the contrarian investor, this period of public hesitation and media skepticism may represent a unique opportunity. Technical and fundamental factors together are drawing a playbook eerily similar to past bull runs—yet the masses remain cautious.

Smart investors understand that the best market entries often arrive when fear overshadows logic. And for those following the charts and doing their due diligence, Bitcoin’s current trajectory may be signaling the dawn of a new era in digital wealth creation.