Is Bitcoin Set to Reach $137K? Market Analyst Claims BTC Has Been in a Bull Run Since November 2024
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The financial outlook is showing promising signs with significant upward movements in BTC.
Following a slow initial phase in 2025, Bitcoin pricing has become notably impressive in the second quarter. The leading cryptocurrency surpassed the $100,000 milestone recently and appears to be aiming for its previous peak of $108,786 this weekend.
The upward momentum in BTC signals a market revival, with investors sensing a return to the conditions seen at the end of 2024. An established cryptocurrency analyst noted that the early months’ selling pressure was merely a precursor to a larger price breakout.
Is Bitcoin Adopting the Cup and Handle Scheme?
In a post from May 9 on X, certified market technician Aksel Kibar provided insights from his recent examination of Bitcoin’s pricing. He disclosed a long-term breakout signal for BTC shared in a November 2024 update on the social media platform.
Related Insights
Following Donald Trump’s election as US President, Bitcoin and the overall crypto sphere experienced remarkable bullish activity. Kibar pointed out that BTC broke through a vital price point thanks to the post-election surge, indicating a shift on a larger monthly timeframe.
The chart provided illustrates that Bitcoin surpassed its previous “minor high” near the last all-time peak of $73,737 in November. Based on historical trends presented in Kibar’s analysis, significant price increases often follow when Bitcoin eclipses such minor highs.
Notably, this November breakout resembles a classic cup and handle formation, a technical setup depicted as a “u” shaped curve with a slight downward drift for the handle. This configuration is considered bullish, indicating a potential continuation of an uptrend.
In this instance, after breaking the $73.737 barrier, Bitcoin ascended to a six-figure valuation. Nevertheless, it later experienced a sharp decline to around $74,000 after achieving its most recent all-time high in January.
It seems that Bitcoin only faced a minor setback at the “minor high” before continuing its primary upward trajectory. In this context, Kibar suggested a cup and handle target for Bitcoin at approximately $137,000, indicating a potential increase of over 33% from the current pricing level.
Overview of Bitcoin Pricing
Currently, Bitcoin is priced at around $103,071, showing a nearly 1% rise over the last 24 hours. Market data indicates that Bitcoin has increased by more than 6% over the past week.
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