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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
