The trader makes viral predictions about silver prices

Silver prices are trading around US$67 per ounce, and the long-term bullish structure remains intact.

After a period of sharp volatility, silver prices have rebounded sharply above mid-year lows and are currently trading around US$67 per ounce. Spot silver prices were around US$67.11 in early trading Thursday, up 3.3% on Wednesday.

While traders are debating whether silver's next move towards $70 or back to a low of just over $60, trader Axis is looking at the bigger picture. The trader re-examined the long-term silver chart he drew in June this year and believed that his core argument remained true after prices rebounded from key support areas. At the center of his analysis is a huge "Cup-and-Handle Formation" that spans about 45 years.

Importantly, Axis does not view the huge upward path drawn on the chart as a short-term price target. He made it clear that this was only illustrative rather than predictive, and believed that such a huge structure could take years to fully develop.

Traders say silver has rebounded from long-term support

Axis's chart uses a monthly silver futures time frame that dates back to the famous 1980 silver boom. The first major feature of the chart is the huge arc-shaped structure that stretches from its highs in 1980, goes through decades of low prices, and finally returns to the same area. This constitutes the "cup" part of the trader's interpretation.

Silver's 2011 rebound towards $50 created another major high on the right side of the structure. The subsequent long consolidation period can be interpreted as a "handle". This chart became particularly eye-catching when silver finally broke through the historical $50 zone and finally soared to a record high of over $120 earlier this year. Other long-term technical analyses also regard the multi-decade breakthrough spanning $50 as an important technical event for silver prices.

This breakthrough was followed by a huge correction, and silver finally fell back to the $50 - 60 region. Axis's chart marks this area as long-term support, which is exactly what he refers to as a rebound position.

Source: X/@Axis_Balance
Silver has since recovered to around US$67, meaning the market has so far held on to a broader breakthrough area.

Why this 45-year-old cup handle shape matters

The bullish view believes that silver has built a decades-long foundation under $50. After finally breaking through this ceiling, the old resistance zone may transform into long-term support. This makes the $50 - 55 region one of the most important regions in the Axis chart. As long as silver remains structurally above the region for an extended period of time, the argument for this massive breakthrough remains valid.

Traders 'forecast path suggests that silver will spend a lot of time building a new foundation before eventually accelerating its rise. This distinction is crucial. This is not a prediction that silver will suddenly explode from $67 into the triple-digit range. Axis specifically warned that this long-term pattern could take years to develop, writing that investors should "lay the foundation", respect silver's volatility and give time for trends to take effect.

See also:
Why may silver prices return to US$121 despite the recent plunge
Where can silver go?

What is the space for silver to rise?

The most eye-catching part of the chart is naturally its upward forecast. Axis charted an illustrative long-term path that ultimately took silver above $100 and significantly surpassed its 2026 record. The trajectory then accelerated sharply, eventually reaching levels of hundreds of dollars per ounce in the 2030s.

However, treating these levels as specific price targets distorts the trader's actual view. He made it clear that the path was illustrative rather than predictive. Therefore, charts are useful not in predicting whether silver prices will trade at $200,$300, or $500 on a particular date, but in the structure behind them.

In order for the bullish argument to remain credible, silver first needs to establish the validity of its multi-decade breakthrough. This makes the current $60 - 70 area more relevant today than the huge numbers drawn at the top of the chart.

What could undermine the silver argument?

The biggest risk is that silver's breakthrough to its historical highs will ultimately prove unsustainable. Silver has demonstrated just how drastic its correction can be, falling from above $120 earlier this year to just over $50 in July. This makes the broader $50 - 60 area critical.

If silver continues to bottom above this region and eventually starts to hit higher long-term highs again, Axis's macro structure will remain convincing from a technical perspective. However, if there is a continuous break below the former multi-decade breakout zone, it will greatly weaken the explanatory power of the cup handle shape.

In the short term, silver still has obstacles closer to its current price. Another recent technical analysis identified $65 - 65.20 as an important short-term area above which silver needs to continue to maintain the current recovery momentum. Therefore, Axis's viral chart should not be seen as a guarantee that silver will reach hundreds of dollars. The more interesting message is what has happened: After decades of struggling with the $50 area, silver finally broke through it, experienced a huge correction, and has so far rebounded from the broader area of long-term support.