Bitcoin’s Current Correction is a Positive Sign, Crypto Expert Claims
According to various cryptocurrency experts, the current dip in Bitcoin (BTC) is seen as a positive development, with BTC increasing by 4.7% in the past week.
In a recent YouTube video, an anonymous presenter from InvestAnswers shared a chart from Swissblock, a hedge fund focusing on cryptocurrencies. The chart indicates that BTC might be forming a cup-and-handle pattern, considered a bullish technical signal.
The Swissblock analysts stated that the cup-and-handle pattern is still valid and that the neckline break has already occurred. It’s common to see a retest of the neckline region before the price rises.
They believe that the current wave (2) is developing in an “Extended Flat,” which is positive, and that the rally is coming to a close. They believe that Bitcoin could drop to $26,500 in the following days, but in the worst-case situation, it could go as low as $25,200.
READ MORE: Bitcoin: Here is What’s Driving the Recent Price Surge, According to Arthur Hayes
InvestAnswers’ host informed his 443,000 subscribers that the minimum target for the cup-and-handle pattern is $35,000, while the maximum is $42,000. At the time of writing, BTC is trading at $28,880, up 1.83% in the last 24 hours and almost 74% since the start of 2023.
Bitcoin is still over 58% lower than its all-time high of more than $69,000, which was achieved in November 2021.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
