Famous on-chain analyst Charles Edwards stated that the formation that will carry Bitcoin (BTC) above 100 thousand dollars has come into play.
Charles Edwards is a recent social media in your postshared the details of the formation that will take Bitcoin to a new record level. “Bump & Run Reversal” Pointing to the technical formation called the so-called technical analysis, the analyst compared the image he took from a technical analysis book with the current chart of Bitcoin, and a striking similarity emerged.
According to the analyst, if this formation occurs, Bitcoin could reach $100,000 and even beyond that point.
Bump & Run Reversal formation is usually to detect the end of a trend and the beginning of a new trend is being used. According to the analyst, its response at this point is the end of the bear trend and the beginning of the bull season.
On the other hand, reminding that chart models can fail, the analyst said, warned investors to manage their risk:
Needless to say, you know chart models can fail. Do not use this as a trading/investment plan. Manage your risks!
According to CoinGecko data, in the last 24 hour time frame 4.6% depreciating BTC, at the time of writing at $24,828 is being traded.
