Bitcoin has been fluctuating between $25,000 and $35,000 since the 2nd quarter of 2023. Therefore, the leading crypto is trading in a consolidation price range of $5,000. However, one analyst is talking about ‘coffee time’ for BTC, referring to the ‘cup & handle’ formation. Additionally, another popular analyst says indicators point to a ‘buy the dip’ bonanza.
BTC created a ‘cup & handle’ formation
As you follow from Kriptokoin.com, Bitcoin has been stuck between $25,000 and $35,000 for a long time. Despite moving in a slight downtrend within this range, Bitcoin’s chart suggests that a higher timeframe could be ‘coffee time’ for the leading cryptocurrency. According to an experienced analyst using the pseudonym Jelle, this occurs with the formation of a ‘cup & handle’ chart formation.
Some technical analysts consider the Cup and Kulp formation invalid. Still, Jelle notes that Bitcoin offers a bullish prediction on its future long-term price movement due to its “huge” size “under $30,000.”
Cup and Handle: Bitcoin price chart with weekly candlesticks. Source: JelleSpecifically, the ‘cup’ forms between the bear market bottom at $15,500 and two local tops around $30,000. The handle starts from the last local peak and extends to the current consolidation zone.
Bitcoin price prediction: Indicators say ‘buy the dip’!
There has been a retreat in the prices of most assets in the cryptocurrency market. Leading crypto Bitcoin (BTC) is also reversing gains made earlier this week. But this doesn’t necessarily mean a bad thing. Because it could potentially provide an ideal opportunity to accumulate your first crypto before it skyrockets.
Notably, as popular crypto analyst Ali Martinez noted, Bitcoin has pulled back every time since mid-April when the relative strength index (RSI) reached 73.31 on the 4-hour chart. It is possible that this will give you the chance to ‘buy the decline’, as the analyst emphasized in his post on September 20. Cryptocurrency analysts explain their predictions on this subject as follows:
BTC is approaching a descending resistance trend line at $27,440. We see this again. It is possible that a correction from here could push BTC to $25,200 or below. This will likely provide a potential ‘dip buying’ opportunity.
Bitcoin price movement analysis. Source: Ali MartinezHowever, Martinez also warns of a 4-hour candlestick closing above $27,440.
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