Bitcoin to $100K next? Analyst eyes 'textbook perfect' BTC price move
Bitcoin (BTC) is setting up a classic trading move, which could see it hit a giant $100,000, one analyst says.In a tweet on March 14, Charles Edwards, founder and CEO of investment firm Capriole, called BTC price action in 2023 a “bump & run reversal.”Having passed $26,000 to hit new nine-month highs this week, BTC/USD is in the midst of a recovery rarely seen before.Despite cooling under $25,000 at the time of writing, longer timeframes are already getting analysts excited after the brutal 2022 bear market.For Edwards, Bitcoin in 2023 has been straight out of the markets textbooks.
The largest cryptocurrency is attempting to fulfil a "bump and run reversal pattern," he believes.The bottom phase of bump and run is defined by investment resource Wealthy Education as follows:“Textbook perfect Bitcoin ‘Bump & Run Reversal’ bottom is back and the target is over $100,000.” Edwards summarized.Accompanying charts described the bump & run phenomenon, showing BTC/USD in the latter stages of its trend break and currently cementing a key resistance/support flip.What happens next — the so-called “uphill run” — gives the pair a six-figure target.Edwards nonetheless acknowledged that like any chart pattern, bump & run may “fail” and as such should not be used as the basis for a trading or investment strategy.For others, sky-high BTC price valuations remain fantasy. Related: Fed starts ‘stealth QE’ — 5 things to know in Bitcoin this week Directly above current spot price lies an area of heavy resistance that Bitcoin bulls have failed to overcome so far.
Key moving averages (MAs) on weekly timeframes likewise remain unchallenged.“Best case scenario for BTC is to break the 200 MA on this current move,” trader and analyst Rekt Capital
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