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The Bitcoin price has remained under pressure this year, dropping from a record high of $109,300 to its current level of $84,640. Still, the technicals and its historical performance points to an eventual surge to a record high in the long term. This article explains why the BTC price is expected to surge over time.

The weekly chart shows that the BTC price has been in a strong bullish trend since its inception. What is clear, however, is the fact that this surge was not a straight line. Instead, the coin has suffered numerous pullbacks in the past. 

For example, it plunged from a high of $19,300 in 2017 to a low of $3,235 in 2018. The other big retreat happened in 2022 when it dropped from a high of $69,125 to a low of $15,283. 

Last year, the coin dropped from a high of $73,735 in March to a low of $49,046 in August. Therefore, these pullbacks are normal, meaning that the coin will likely bounce back later this year once the sentiment improves. 

What is interesting is that Bitcoin dropped to just $74,000 during the ongoing sell-off in the finanial market. As a high-risk asset, one would expect a bigger drop as the fear and greed index plunges.

The other technical pattern to watch is that it has formed a cup and handle pattern on the weekly chart. Its upper side was at $68,975, while the handle section is shown in green. 

The depth of this pattern is 77%, meaning that measuring the same distance from the upper side of the cup brings the target at $122,620. 

However, measuring the distance from the lower side of the cup to the top brings the figure to 340%. Measuring the same distance from the upper side of the cup brings the target to $304,000. 

Gold, which has recently jumped to a record high, has formed a similar pattern. On the monthly chart below, we see that gold formed a C&H pattern whose distance from the lower side of the cup to the neckline was 82%. Measuring the same distance from the neckline brings the gold price forecast at $3,518. This price is a few points below the Goldman Sachs forecast to $3,700. 

The S&P 500 index also formed a similar pattern on the weekly chart. It formed a cup-and-handle pattern, with its upper side at $4,822. The distance from the lower side of the cup to the upper side was 38%, giving its target to $6,625. 

Bitcoin price has more catalysts that may push it higher in the long term. First, the supply has continued falling as the mining difficulty continues rising. Bitcoin has a total supply cap of 21 million, and 19.85 million have been mined already. Millions of those coins have been lost, leaving only 1.15 million coins to mine.

Bitcoin’s demand has continued to grow in the past few months. For example, there are signs that institutional demand has continued rising. All spot Bitcoin ETFs have accumulated over $35.37 billion in inflows, bringing the total assets to $94.5 billion.

Furthermore, Bitcoin is gradually becoming a safe haven as risks escalate. For example, Bitcoin has declined by approximately 8% this year, outperforming the S&P 500, Dow Jones, and Nasdaq 100 indices. 

Therefore, Bitcoin price will likely continue rising, helped by its strong technicals and fundamentals. 

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