In the cryptocurrency market, Bitcoin's price movements have been closely watched, particularly since early 2022. A downward channel has been forming, leading to a handle shape that is expected to complete in 2024. Analysts are now eyeing the potential upside that could follow.

Historically, Bitcoin has experienced significant price increases, with three notable upward movements between 91% to 99% since the bear cycle bottom in November 2022. Building on this momentum, the next expansion leg could propel Bitcoin into a target zone of $100,000 to $110,000, contingent on the 1D MA200 holding as support.

Despite this optimistic outlook, recent market sentiment has been largely fearful and disinterested, according to on-chain analytics firm Santiment. The firm noted that this prolonged period of fear, uncertainty, and doubt (FUD) is rare, as traders continue to capitulate. However, Santiment also highlights that this fatigue, combined with ongoing whale accumulation, often precedes bounces that reward patient investors.

As the handle formation nears completion, market participants are eagerly awaiting the potential upside. With historical price movements and on-chain analytics suggesting a possible significant upswing, Bitcoin's price resurgence is an exciting development in the cryptocurrency space. Will Bitcoin reach the predicted target zone? Only time will tell, but the signs are encouraging for those who have been patiently waiting for a bounce.