Charles Edwards, CEO of Capriole, says that Bitcoin is now experiencing a “bump-and-run reversal” that necessitates further upside.
According to one expert, Bitcoin is preparing for a classic trading move that might reach $100,000. BTC/USD is in the middle of a remarkable comeback, having surpassed $26,000 and reached fresh nine-month highs this week.
Although falling below $25,000 at the time of writing, economists are already optimistic about more extended periods after the terrible bear market of 2022.
For Edwards, Bitcoin in 2023 has been a classic example of market behavior. He thinks the most significant cryptocurrency strives to complete a “bump and run reversal pattern.”
“The textbook-perfect Bitcoin ‘Bump & Run Reversal‘ bottom has returned, and the price objective is beyond $100,000.” Edwards gave a summary. For others, sky-high Bitcoin price estimates remain a pipe dream.
Just above the current spot price is a region of formidable resistance that Bitcoin bulls have been unable to overcome. Similarly, key moving averages (MAs) on weekly timescales are uncontested.
He demonstrated that earlier rejections resulted in double-digit losses. “The 200-period moving average is fading as resistance. What if the 200 MA rejects decrease by 10% annually?” He proceeded. “If BTC fails to break the 200 MA shortly, Bitcoin might reject by -12%.”
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.