Bitcoin (BTC) bulls should look for a cover, at least as far as chart technicals are concerned. The flagship cryptocurrency continued its price declines into the new weekly session, hitting $32,105 ahead of the London opening bell following an approximately 10% intraday drop. In doing so, it raised the prospect of retesting its quarter-to-date low of $30,000 for either a bearish breakdown or a bullish pullback.
But as traders grapple with the ongoing medium-term bias conflict in the Bitcoin market, one classic technical pattern has surfaced to boost a bearish outlook. Spotted by Keith Wareing, an independent market analyst, the so-called “Inverse Cup and Handle” structure points to an extended downside price correction ahead in the Bitcoin market. In detail, the pattern develops when an asset forms a large crescent shape as it rallies higher and corrects lower, followed by a less extreme, upward rebound.
Traders look at the Inverse Cup and Handle pattern as their cue to open short positions to target deeper levels. The most extreme bearish target, in such a case, is determined by measuring the distance between the cup’s top and the pattern’s breakout level. Meanwhile, traders typically spot breakout levels when the price breaks out from the handle pattern to the downside while accompanied by higher volumes. Based on the chart provided by Wareing, Bitcoin’s recent price action — ranging from its pump to nearly $65,000 followed by a dump to $30,000 and a retracement to $40,000 — almost checks all the boxes that confirm the presence of an Inverse Cup and Handle structure.
The depressive Bitcoin setup appeared as traders assessed the United States Federal Reserve’s hawkish reversal on interest rates and inflation. Last week, the U.S. central bank signaled that it could raise benchmark lending rates by the end of 2023 instead of 2024 to tame the rising inflation.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 59.6% | 88 | $23 133.58 | 1.42% | 2.54% | $445 891 712 056 | ||
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Ethereum predictions | 62.8% | 85 | $1 599.61 | 1.91% | -3.05% | $195 750 597 878 | ||
3 | ![]() |
Tether predictions | 90.8% | 1 | $1.000200 | 0% | -0.01% | $67 517 933 738 | ||
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Binance Coin predictions | 66.8% | 72 | $308.24 | 1.67% | 1.96% | $48 671 544 877 | ||
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USD Coin predictions | 90.8% | 1 | $1.000019 | 0.01% | 0% | $43 082 295 663 | ||
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XRP predictions | 62.4% | 74 | $0.411013 | 1.13% | 0.32% | $20 880 931 213 | ||
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Binance USD predictions | 93.6% | 1 | $0.999820 | -0.03% | 0% | $15 795 578 015 | ||
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Cardano predictions | 60% | 79 | $0.388458 | 4.39% | 7.93% | $13 434 775 806 | ||
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Dogecoin predictions | 64% | 75 | $0.087652 | 3.23% | 1.90% | $11 628 821 575 | ||
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Lido stETH predictions | 93.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
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Polygon predictions | 64.8% | 78 | $1.15 | 6.09% | 12.97% | $10 037 291 413 | ||
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Solana predictions | 56% | 90 | $24.52 | 3.04% | -1.34% | $9 108 971 332 | ||
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Polkadot predictions | 60.8% | 87 | $6.59 | 3.20% | 5.92% | $7 587 320 916 | ||
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Avalanche predictions | 60% | 92 | $20.97 | 17.46% | 21.07% | $6 601 353 493 | ||
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SHIBA INU predictions | 62.4% | 84 | $0.000012 | 2.99% | -2.16% | $6 480 328 787 |
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