Multiple crypto analysts think the current Bitcoin (BTC) correction is actually “extremely bullish” with BTC up 0.9% in the last week.
In a new YouTube video, the anonymous host of InvestAnswers shares a chart from crypto-focused hedge fund Swissblock that suggests BTC could be forming a cup-and-handle pattern, a bullish technical indicator.
Explain the Swissblock analysts,
“The cup-and-handle pattern is still in play. The neckline break has happened – and it is quite normal to see a retest of the neckline area before the price moves higher. We have that setup now, only the current wave (2) is developing in an “Extended Flat”. This is bullish and the move seems to be coming to an end.”
Source: Swissblock Swissblock’s analysts believe Bitcoin will make a final push down to $26,500 “in the coming days,” acknowledging that BTC could go as low as $25,200 in the worst-case scenario.
The host of InvestAnswers tells his 443,000 YouTube subscribers that Bitcoin’s minimum target for the cup-and-handle pattern is $35,000 and the maximum is $42,000.
BTC is trading at $28,880 at time of writing. The top-ranked crypto asset by market cap is up 1.83% in the past 24 hours and nearly 74% since the start of 2023.
Bitcoin remains more than 58% from its all-time high of more than $69,000, which it hit in November 2021.
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