Bitcoin is on the verge of a significant breakout, hovering just below the crucial $70,000 mark. Analyst Moustache points to a Right-Angled Descending Broadening Wedge, indicating a potential bullish run.

The cup and handle pattern, a well-known bullish continuation indicator, signals an impending breakout above a resistance level. Point A on the chart marks the peak before Bitcoin's decline, which bottomed around point B, forming the cup's rounded bottom. The handle is currently forming, suggesting consolidation before a possible surge past resistance.

Key resistance lies around $74,000, a level tested multiple times, indicating its strength. The support trendline, shown as a descending black line, highlights the upward sloping base of the handle. The $65,000 level has acted as minor support, shown by orange curved lines.

Bitcoin is within the handle formation, showing signs of consolidation. A breakout above the $74,000 resistance, with substantial trading volume, could propel Bitcoin towards the $88,000 target, indicated by an upward arrow on the chart.

Historical patterns suggest volume increases during breakouts. If Bitcoin surpasses the $74,000 resistance with high volume, it would validate the cup and handle formation, targeting higher levels between $88,000 and $90,000. Conversely, failing to breach this resistance could lead to further consolidation or a retest of the $65,000 support level.

Top analyst CryptoBusy highlights a recurring four-year color trend, alternating between red and green years. According to this pattern, 2014, 2018, and 2022 were red years, while 2015, 2019, and 2023 were green. If this trend continues, 2024 and 2025 could potentially be green years.