Bitcoin (BTC) is currently experiencing a correction, but multiple crypto analysts are optimistic about its future. In fact, some believe that this correction is actually “extremely bullish.” BTC has risen 0.9% in the last week, and some analysts think that it could be forming a cup-and-handle pattern, a bullish technical indicator.
Who is Swissblock?
Swissblock is a crypto-focused hedge fund that provides investment management services to clients interested in digital assets. The firm aims to identify investment opportunities in the crypto market by conducting in-depth research and analysis. The Swissblock team includes experienced traders, financial analysts, and blockchain experts who work together to deliver high-quality investment solutions to their clients.
What is expected for the Bitcoin price movement according to Swissblock?
Swissblock recently shared a chart showing the potential for a cup-and-handle pattern to emerge. According to Swissblock analysts, the pattern is still in play, and a retest of the neckline area is normal before the price moves higher. The current wave (2) is developing in an “Extended Flat,” which is a bullish sign that the move is coming to an end.
Swissblock’s analysts predict that Bitcoin will make a final push down to $26,500 in the coming days, but they also acknowledge that BTC could go as low as $25,200 in the worst-case scenario. However, InvestAnswers, a popular YouTube channel that focuses on investing and finance, believes that BTC is about to break out.
The host of InvestAnswers tells his subscribers that Bitcoin’s minimum target for the cup-and-handle pattern is $35,000, and the maximum is $42,000. Currently trading at $28,880 at the time of writing, BTC is up 1.83% in the past 24 hours and nearly 74% since the start of 2023.
Although Bitcoin is still more than 58% from its all-time high of over $69,000, which it hit in November 2021, there are reasons to be optimistic about its future. As the crypto market continues to mature, Bitcoin is becoming an increasingly popular investment option for both individuals and institutions alike.
Source: Daily Hodl
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