Despite currently trading in a bearish trend, Bitcoin's price is expected to soon top the $100,000 mark, according to a key technical indicator. A giant cup and handle pattern has formed on Bitcoin's weekly price chart, signaling a bullish trend. This pattern occurs when the price trends downward, recovers to form a "u" shape, and then experiences another slight downward drift, forming the handle.

According to cryptocurrency trader TradingShot, this technical pattern may have gone unnoticed by some traders, who tend to focus on shorter-term price action or cyclical structures. However, the chart is now completing its handle, and the price is trending downward. The duration of this process largely depends on which moving average periods will hold.

The 200-day moving average has provided support for a significant rebound in the past, while the 50-week moving average has been a reliable support level since March 2023. The cup portion of the pattern formed between early 2022 and mid-2023, while the handle has been taking shape through a downward channel into 2024.

Looking ahead, the analysis suggests that the next expansion leg could propel Bitcoin to a target zone of $100,000 - $110,000, assuming the 1D MA200 holds as support. This prediction is based on Bitcoin's previous upward price movements, which ranged from 91% to 99% since the bottom of the bear cycle in November 2022.

Interestingly, on-chain analytics firm Santiment notes that the recent price plunge has led to investors becoming "mainly fearful or disinterested" toward Bitcoin. However, this extended level of fear, uncertainty, and doubt is rare, and traders' fatigue combined with ongoing whale accumulation generally leads to bounces that reward the patient.

In conclusion, the technical indicator suggests that Bitcoin's price is poised to surpass $100,000, and investors should remain patient and vigilant in the face of market fluctuations. As always, investing in or trading crypto assets comes with a risk of financial loss, and it is essential to conduct thorough research and consult with financial experts before making any investment decisions.