Bitcoin Breaks Out of Key Technical Pattern, Eyes $230,000

A recent technical analysis has stirred excitement in the crypto community: both Bitcoin (BTC) and Solana (SOL) are reportedly forming a “cup and handle” pattern on their monthly charts — a classic signal that often precedes major price breakouts.

According to renowned analyst Trader Alan on the platform X (formerly Twitter), Bitcoin could be on track to hit $230,000 if this formation plays out fully. Even more striking, Solana could potentially skyrocket by nearly 2,800% to reach $4,390 — a staggering target if realized.

At present, BTC is trading around $109,000 after several weeks of sideways movement within a narrow range. Alan notes that Bitcoin has broken out of the “handle” portion of the pattern — a crucial step that suggests buyers are gaining momentum. Meanwhile, Solana is in a consolidation phase and may soon follow a similar breakout path.

“Once Solana breaks out of the handle zone, its next leg higher could begin,” Alan explained. “If the pattern performs as expected, BTC could reach $230,000, and SOL may aim for $4,390.”

While Bitcoin’s target implies a potential gain of just over 115%, Solana would need to rally by nearly 3,000% to hit its projection. Currently, SOL is trading around $150 — still far below its all-time high of $294 set in January 2025.

For Solana and other altcoins to achieve such explosive growth, a new “altseason” — a market phase characterized by rapid gains in altcoins — would likely need to emerge. However, Bitcoin continues to dominate the market, with its dominance ratio surpassing 65%, the highest since early 2021. Historically, altcoins tend to rally once BTC dominance hits 70%.

Still, analysts like Rekt Capital believe that the next altcoin rally could begin even before BTC reaches that 70% threshold. In this context, investors are keeping a close eye on technical indicators, as both BTC and SOL may be standing on the verge of a historic breakout.