Extremely Bullish Bitcoin Price Pattern Almost Over, Suggesting Upside Target: InvestAnswers

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Several crypto analysts believe that the current Bitcoin (BTC) correction is actually extremely bullish with BTC up 0.9% in the past week.

In a new YouTube video, anonymous host InvestAnswers shares the chart from crypto-focused hedge fund Swissblock that suggests BTC may be forming a cup and handle pattern, a bullish technical indicator.

Explain Swissblock analysts,

The cup and handle pattern is still in play. The neckline breakage has occurred and it is completely normal to see a retest of the neckline area before the price goes up. We have this setup now, only the current wave (2) is developing into an extended flat. It’s bullish and the move seems to be coming to an end.

Source: Swissblock

Swissblocks analysts believe Bitcoin will make a final push to $26,500 in the coming days, acknowledging that BTC could drop as low as $25,200 in a worst-case scenario.

The InvestAnswers host tells his 443,000 YouTube subscribers that the minimum Bitcoin target for the cup and handle pattern is $35,000 and the maximum is $42,000.

BTC is trading at $28,880 at the time of writing. The top-ranked crypto asset by market capitalization is up 1.83% in the past 24 hours and nearly 74% since the start of 2023.

Bitcoin remains more than 58% off its all-time high of over $69,000, which it reached in November 2021.

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