BTC recently started to stabilize after a slight dip, signaling that the market might be positioning itself for a significant move and has witnessed its fair share of ups and downs these weeks, moving between buying and selling pressures.
On the other hand, Financial giants, technical patterns, and on-chain metrics all combined to indicate a potential change in the price trajectory of BTC also because BTC has recently hit a new all time low balance on exchanges as investors seems to moving their assets off exchange.
Such large-scale BTC buying typically correlates with upward price movements, as whales often set the pace for market sentiment. Bitcoin’s recent price action pointed to the formation of a potential cup-and-handle pattern, known for its bullish implications. If this pattern holds, BTC could aim for a target price over $200k with short term fair of ups and downs depending upon geopolitical and macroeconomic factors including US Federal reserve's upcoming December meeting.
As of now, at the time of writing this article, BTC is trading above $91,000 and has seen a massive growth of over 20% over the week and 1.25% rise in its price in last 24 hours and has a market capitalization of $1.81 Trillion.