Analyst Vivek Sen (@Vivek4real_) has highlighted that Bitcoin has completed a multi-year cup-and-handle pattern, with a breakout and a perfect retest now confirming the structure. The pattern, which took years to form, was brought to the attention of his 270,000 X followers on Thursday.
"Cup-and-handle breakouts don’t move 20%, they move hundreds of percent," Sen stated, setting a minimum target of $220,000 for Bitcoin. The cup-and-handle is a classic bullish continuation pattern in technical analysis, resembling a teacup on a chart. A breakout above the handle’s resistance typically signals strong upside, with a measured target equal to the cup’s depth added to the breakout point.
This is not the first time Bitcoin has formed such a pattern. During the 2020–2021 cycle, a multi-month cup led to a run toward the $69,000 peak in November 2021. Through 2022 and 2023, Bitcoin again formed a massive rounded bottom on the weekly chart, followed by consolidation in the $60,000–$69,000 range in early 2024, forming the handle. That handle preceded the breakout above $100,000 earlier this year.
Meanwhile, Swissblock’s Bitcoin Risk Index indicates that Bitcoin risk has transitioned into a low zone, allowing selling pressure to ease. However, a divergence is forming as the VIX (CBOE Volatility Index) has returned to the fear zone. "If the VIX continues rising and Bitcoin Risk reignites, the canary will begin singing again," Swissblock warned.
In the broader crypto market, Ethereum (ETH) is also attracting attention. Sen and other analysts are heavily accumulating ETH, calling it the most undervalued asset in the space. The altcoin recently broke out of a 4-year downtrend against BTC, and its price under $2,000 is seen as a golden opportunity ahead of the anticipated Clarity Act.
Bitcoin’s price has been choppy, tapping intraday highs of $64,500 three times before retreating to the high $63,000 zone during Thursday’s Asian session. The Federal Reserve’s decision to keep rates unchanged and the resumption of US military strikes on Iran late Wednesday could inject further volatility in the short term.
