Bitcoin targets $320,000 as bullish pattern emerges

Bitcoin has recently formed a multi-year cup and handle pattern, which is targeting $320,000. This pattern suggests a possible major rally if the momentum holds above $112,000. Technical analysis confirms that Bitcoin broke out above $69,000, and now it is eyeing $320,000 with historical patterns aligning for bullish continuation.

Crypto Michael, a popular market analyst, has confirmed the $15,400 bottom and believes the next major rally starts above $112,000. He previously predicted Bitcoin’s bottom at $15K and now claims the parabolic phase is near. Bitcoin already trades above $104,000, indicating growing momentum as it edges closer to critical breakout levels.

According to Crypto Michael’s earlier chart, Bitcoin traded within a descending wedge from mid-2022 to early 2023. The price tightened near $16,000–$18,000 before a breakout began. Historical price actions also showed similar falling wedge formations that sparked massive rallies. By January 2023, Bitcoin traded at $18,178. Since then, the coin has gained strength, reflecting technical recovery patterns seen in previous cycles.

Bitcoinsensus has now identified a massive weekly cup and handle pattern spanning mid-2021 to mid-2025. The cup started forming after the 2021 peak and extended to the 2022 bottom. Price gradually recovered through 2023, creating a rounded bottom formation. This stage marked a key transition from bearish to bullish momentum.

The handle developed as a descending consolidation channel in late 2024. Bitcoin pulled back slightly before breaking out above $69,000. Since the breakout, Bitcoin surged above $104,000, suggesting bullish strength. The technical pole from the bottom to the top of the cup sets a target of $320,000.

This breakout implies a long-term uptrend aligning with classical bullish technicals. The pattern now points toward an altcoin season if Bitcoin sustains its move. Besides, the market structure remains highly supportive with higher highs and tight consolidations. Historical formations confirm that similar setups have driven capital inflows into altcoins.

Moreover, the chart includes textbook visuals with well-labeled phases—cup, handle, and breakout. Each section supports the bullish case for Bitcoin’s extended rally. If the trend continues, a move toward $320,000 could drive the crypto market into a parabolic cycle. Hence, investors are watching closely as BTC approaches the $112,000 breakout zone.