The bearish outlook surfaces as Bitcoin prices form a classic cup and handle pattern, now in the last stage of its maturity.
Popular cryptocurrency trader Keith Wareing warned Bitcoin (BTC) traders about a critical bearish scenario brewing in the market.
The trader spotted Bitcoin inside an inverse cup-and-handle pattern earlier this month, a bearish structure that forms during a price wave downward, followed by a stabilizing period. The technical design typically leads the price lower by as much as the size of the previous decline.
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Bitcoin price is 3–4 weeks away from new $24K–$29K range, market analyst warns