Leaving behind the difficult 2022 year Bitcoin (BTC), It started 2023 with a rise. However, bank bankruptcies in the USA caused Bitcoin to fall below $ 20,000.
The subsequent bank bailouts and positive inflation data pushed Bitcoin above $26,000, hitting a nine-month high.
Founder and CEO of investment firm Capriole as activity continues on the Bitcoin front Charles Edwardsevaluated the price movements of BTC.
Claiming that the target for Bitcoin is over $100,000, Edwards, BTC in the graph “of the multiply and return model” argued that it did.
“The textbook is excellent.
Bitcoin’s ‘Bump & Run Reversal’ bottom is back and the target is above $100,000.”
Developed by Thomas Bulkowski “Bump & Run Reversal” The model was also included in his book “Encyclopedia of Graph Models”.
This model in the book “The hit-and-run low is a bullish reversal pattern that begins with a series of descending peaks. Excessive speculation drives prices down until they reach extremely low levels. Then the price action reverses the direction upwards and marks the end of the downtrend.” is defined as.
Pointing out that the multiplication and reversal pattern is an extremely bullish chart pattern, Charles Edwards thinks that this pattern can take BTC above $100,000.
However, Edwards, who opened a parenthesis to this share, drew attention to the possibility of failure of each model in itself and invited investors to be careful.
“It goes without saying, but chart models fail, don’t use this as a trading/investment plan. Manage your risks!”
Goes without saying, but chart patterns do fail, don’t use this as a trading / investment plan. Manage your risks!
— Charles Edwards (@caprioleio) March 15, 2023
*Not investment advice.
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