Latest Bitcoin Price Forecast after Last Weeks Bloodbath

CoinWorld reported:
TL; Doctor
Bitcoin rebounded to $57,000 after falling below $54,000, with analysts predicting a bull market that could reach as high as $123,000. Positive indicators include a reduction in selling pressure and favorable relative strength index (RSI).
Is BTC ready to fly again?
The past few days have been painful for the Bitcoin bull market as the price briefly dropped below $54,000 for the first time in five months. The cryptocurrency regained some ground over the weekend and is currently trading at around $57,000 (according to Coingecko data), with a weekly decline of 9%.
Despite the recent underwhelming performance, multiple industry participants believe another bull market may be on the horizon. User BATMAN suggests that the price chart for BTC is forming “a massive cup and handle pattern.”
The analyst predicts, “If this pattern develops as expected, the target price for Bitcoin would be $123,000, indicating a significant increase from the current level.”
The “cup and handle” is a technical chart pattern commonly used to identify potential bullish moments in various markets, including cryptocurrencies. The “cup” resembles a “U” shape, signifying a consolidation period or a rounded bottom. This is followed by a “handle,” usually in the form of a downward sloping channel. Some traders believe the emergence of this pattern could indicate a massive buying opportunity.
Mikybull Crypto also holds an optimistic view, believing that BTC “seems to have everything in place, often surprising the masses.” The analyst compares the current price performance to that of 2019 and predicts a rise to $100,000 by the end of 2024.
Bullish indicators
Two important indicators suggest that BTC may move north in the short term. The first is net inflows of foreign currency, which has been predominantly negative over the past month. This signals a shift from centralized platforms to self-custody methods and is considered bullish as it reduces immediate selling pressure.
Another indicator is Bitcoin’s relative strength index (RSI), which examines whether an asset is oversold or overbought. It ranges from 0 to 100, with a ratio above 70 signaling potential corrections. The RSI is currently set at 48, remaining below the aforementioned threshold since the beginning of this month.
BTC RSI, Source: Crypto Waves