According to the latest on-chain data, Bitcoin (BTC) has formed the legendary "cup and handle" pattern on its chart, a bullish indicator known for heralding significant price increases. This development is boosting sentiment among traders and investors, as the pattern historically precedes substantial upswings.

The last time Bitcoin exhibited a "cup and handle" pattern was in 2016, leading to a major breakout and a prolonged bull run. The current chart shows a striking resemblance to the 2016 pattern, fueling optimism among BTC enthusiasts for a repeat of such a positive scenario. Should history repeat itself, Bitcoin could be on the verge of a significant price rally.

Despite the overall market volatility, Bitcoin has shown remarkable resilience. Its price has been fluctuating between key resistance and support levels, indicating a period of consolidation that often precedes a strong move. Currently, BTC is trading at $64,594, reflecting a slight decrease of 1.16% over the past 24 hours, according to CoinMarketCap.

The formation of the "cup and handle" pattern amidst these fluctuations suggests a potential bullish breakout, providing a glimmer of hope for investors in a tumultuous market. If the pattern holds true, Bitcoin may soon experience a substantial upswing, reaffirming its status as a leading asset in the cryptocurrency market.