Bitcoin Targets $320,000 After Cup and Handle Breakout

Bitcoin has recently completed a textbook cup and handle pattern on its weekly chart, indicating a potential exponential move towards $320,000. The neckline around $69,000, which previously acted as resistance, has now flipped to support following a breakout and successful retest. This move aligns with wave five of a bullish Elliott structure, as suggested by chart data from analyst Gert van Lagen.

The cup and handle pattern began in late 2021 and bottomed out near mid-2022. Bitcoin then gradually recovered, forming a smooth curved base with the neckline forming near $69,000. This line served as resistance throughout the handle formation until a breakout occurred. From July 2024 to June 2025, Bitcoin moved sideways in a tightening handle pattern. A confirmed breakout took place at point three, followed by a short retest at point four. This retest confirms support at the neckline, setting the stage for a possible exponential rally.

The projected wave five move now targets the $320,000 level, marked as the exponential target. A linear target, shown using a red arrow, stands lower on the scale. The analyst noted that many investors exit positions at this level, often missing the larger move. The $107,773 level currently serves as a midpoint between the neckline and exponential price target. Bitcoin is trading near this level as of July 7, 2025, holding strong after the breakout. Historical behavior in similar chart setups shows this midpoint often acts as a consolidation zone.

The analyst emphasized that the breakout and retest pattern matches classical bullish continuation behavior. The handle’s final movement formed a tightening triangle that broke upward in June. Volume data has supported the move with consistent growth during breakout attempts. Wave labels marked one to five on the chart align with standard Elliott Wave theory. Wave three peaked above $100,000, and the brief correction into wave four occurred just below the breakout zone. The next leg, wave five, could complete the long-term pattern.

The chart was posted by Gert van Lagen on July 7 and has received significant attention, with users commenting on timing, accuracy, and projected growth. The analysis uses clear labeling and simple geometry to present the cup and handle pattern, matching historical formations. With support holding and structure complete, market watchers await the next candle. The analyst warned not to exit too early based on past data, emphasizing the potential for a larger move towards the $320,000 exponential zone.