Bitcoin Poised for Massive $263K Rally on Cup and Handle Breakout**

A prominent crypto analyst has predicted that Bitcoin (BTC) could surge to an unprecedented $263,000 if it successfully breaks out from a classic "Cup and Handle" chart pattern currently forming on its price chart.

The Cup and Handle is a bullish continuation pattern that resembles a cup with a handle. The cup is U-shaped, while the handle has a slight downward drift. The pattern suggests a period of consolidation followed by a breakout to new highs.

According to the analyst, Bitcoin's current price action has been validating this pattern since March 2022, with the cup forming during the bear market low around $17,600. The subsequent recovery to $48,000 completed the cup, while the recent pullback to $38,600 formed the handle.

If Bitcoin can break above the $48,000 resistance convincingly, the analyst projects a measured move target of $263,000 based on the height of the cup. However, caution is advised as the pattern is not always reliable and should be used in conjunction with other technical and fundamental analysis.

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