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Bitcoin price could be on the cusp of a strong bullish breakout, potentially reaching $143,000 after forming a cup-and-handle pattern, as market participants anticipate a supply squeeze.
Bitcoin was trading at $109,860 on Tuesday, up nearly 10% from its lowest point this month and 50% above its April low.
Santiment data indicates that Bitcoin could face a supply squeeze as demand rises. The supply of Bitcoin on exchanges has dropped to 1.18 million, its lowest level since December 2017.
This supply peaked at 3.25 million in March 2020 and has been in freefall since. The decline has accelerated this year, with supply at 1.53 million on January 1.
The price is now close to completing the handle portion of this pattern, signaling potential for further upside. The pattern has a depth of 31%, and projecting that from the cup’s upper side yields a target of $143,360. 2 replies
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