Bitcoin Could Skyrocket to $340K—If This Critical Support Holds

Bitcoin’s next bull run might hinge on a single make-or-break price floor. Hold here, and analysts see a path to $340,000—a target that’d make even Wall Street’s most shameless hype-men blush.

Of course, this assumes traders don’t panic-sell at the first 10% dip—a big ask in a market where ’diamond hands’ often turn to paper when leverage gets liquidated. But hey, hope springs eternal in crypto-land.

Bitcoin Bullish Momentum Hinges On $91,000 – $100,000 Support Structure

In an X post on May 31, PlanD outlined Bitcoin’s potential to soon re-enter price discovery mode regardless of the recent price dip. Since hitting a new all-time high at $111,970, the flagship cryptocurrency has slipped into a minor corrective phase, forcing market prices to go below $104,000.

However, PlanD explains that Bitcoin’s price action has a 3-year giant cup and handle pattern that postulates the digital asset is set for immense price gains in the current bull cycle. The cup-and-handle pattern is a common chart pattern that signals a bullish continuation in price movement.

As illustrated in the chart above, the cup is formed Bitcoin’s crash from its previous all-time high at $69,000 in November 2021 followed by a stabilization and recovery period which lasted until March 2024 when Bitcoin returned to the same price level. 

This is followed by the handle which is the descending channel as seen from March 2024 to around October 2024 before bitcoin achieved a decisive price breakout above the neckline of $76,000 in November 2024. Despite registering impressive strides from this price point to around $112,000, PlanD notes that the Cup-and-Handle pattern tips Bitcoin to hit a price target of $340,000 before 2025. 

Amidst the ongoing retracement, the analyst states that this bullish structure remains in place as long as Bitcoin remains above the support price zone of $91,000-$100,000. Provided the premier cryptocurrency does not fall below this price level, the ongoing correction is expected to serve as mere pullback in preparation for a major upswing.

Bitcoin Price Overview

At the time of writing, Bitcoin trades at $104,739 following a minor price gain of 0.64% in the past day. Meanwhile, the asset’s daily trading volume is valued at $40.03 billion following a 31.28% increase in the past day. 

Despite this slight price increase in the past day, Bitcoin must return to its current all-time high at $111,970 to neutralize any current bearish potential. However, the premier cryptocurrency will face familiar resistances at the $106,000 and $109,000 to achieve this task.