According to one analyst, Bitcoin (BTC) is making classic trading moves and could hit $100,000.
and Tweet On March 14th, Charles Edwards, founder and CEO of investment firm Capriole, called BTC’s price action in 2023 a “bump and run reversal.”
Edwards on BTC price: ‘The bottom is back’
It remains below $25,000 at the time of writing, but a longer timeframe is already getting analysts excited after 2022’s brutal bear market.
For Edwards, Bitcoin in 2023 is out of the market textbook. He believes the biggest cryptocurrencies are trying to achieve a “reversal pattern of prominence and execution.”
The bottom phase of bump and run is defined By wealthy education of investment resources as follows:
“A bump-and-run reversal bottom is a bullish reversal pattern that begins with a series of downward peaks. marks the end of the
“The textbook-perfect Bitcoin ‘bump and run reversal’ bottom is back, with target above $100,000. ‘ Edwards summed up.
The accompanying chart illustrates the bump-and-run phenomenon, showing that BTC/USD is in the late stages of a trend break and consolidating a major resistance/support reversal.
What happens next, the so-called “uphill”, gives the pair a six-figure goal.
Nonetheless, Edwards acknowledged that like any chart pattern, bumps and runs can “fail” and should not be used as a basis for any trading or investment strategy.
Significant Bitcoin Price Resistance Ahead
For others, the extremely high BTC price valuation is still an illusion.
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Just above the current spot price is an area of strong resistance that Bitcoin bulls have so far been unable to overcome.The leading moving averages (MAs) of the weekly timeframes remain unchanged as well.
“BTC’s best-case scenario is to break the 200 MA in this current move,” says trader and analyst Rekt Capital claimed On the current interaction between BTC/USD and the 200-week moving average.
He indicated that previous rejections resulted in double-digit losses.
“Obviously, the 200 MA is weakening as a resistance. But what if the 200 MA rejection is decreasing by 10% each time?
“If BTC fails to break the 200 MA quickly, can BTC reject at -12%?”
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