Bitcoin price forms rare patterns: a surge to $166k possible

The weekly chart shows that the BTC has formed two rare chart patterns that often lead to substantial gains over time. The first one is a cup and handle that was formed between November 2021 and November last year. This pattern is made up of a horizontal line and a rounded bottom to form the cup, followed by some consolidation. The profit target is established by measuring the depth of the cup and then measuring the same distance from the cup’s upper side. In this case, the depth is about 80%, meaning that the coin will rebound to $123,000

Bitcoin’s recent consolidation is part of the bullish flag pattern, which has a long vertical line and a rectangle pattern. The size of the flag pole is about 55%. Measuring that distance from the upper side points to a breakout of $166,000.

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