**BTC to Form Cup-and-Handle Pattern Post-Correction**

*Crypto Insights: May 17, 2024*

*Duration: 1 min*

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**BTC Expected to Rise After Correction in 4-5 Month Descending Channel**

According to Cointelegraph, Charles Edwards, the founder of Capriole Investments, has shared insights on Bitcoin's current market behavior. Edwards noted that the BTC/USD Binance weekly chart shows Bitcoin correcting within a descending channel between $58,000 and $65,000. This correction phase may persist for 4-5 months. However, Edwards remains optimistic, suggesting that Bitcoin could eventually form a cup-and-handle pattern, potentially pushing its price to $100,000 in the long term.

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**Long-Term Bullish Outlook for $BTC **

Edwards further pointed out that Bitcoin's weekly close above $58,000 aligns with its long-term trend on the Hourly chart. While the formation of the cup-and-handle pattern could take up to nine months, maintaining the $58,000 support level keeps the technical outlook bullish.

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