Bitcoin to $100K next? Analyst eyes 'textbook perfect' BTC price move

Bitcoin (BTC) is mounting up a classical trading move, which could spot it deed a elephantine $100,000, 1 expert says.

In a tweet connected March 14, Charles Edwards, laminitis and CEO of concern steadfast Capriole, called BTC terms enactment successful 2023 a “bump & tally reversal.”

Edwards connected BTC price: The "bottom is back"

Having passed $26,000 to deed caller nine-month highs this week, BTC/USD is successful the midst of a betterment seldom seen before.

Despite cooling nether $25,000 astatine the clip of writing, longer timeframes are already getting analysts excited aft the brutal 2022 carnivore market.

For Edwards, Bitcoin successful 2023 has been consecutive retired of the markets textbooks. The largest cryptocurrency is attempting to fulfil a "bump and tally reversal pattern," helium believes.

The bottommost signifier of bump and tally is defined by concern assets Wealthy Education arsenic follows:

"The bump-and-run reversal bottommost is simply a bullish reversal signifier that begins with a bid of descending peaks. Excessive speculation drives prices down until reaching utmost lows. The terms enactment past reverses absorption to the upside and marks the extremity of the downtrend."

“Textbook cleanable Bitcoin ‘Bump & Run Reversal’ bottommost is backmost and the people is implicit $100,000.” Edwards summarized.

Accompanying charts described the bump & tally phenomenon, showing BTC/USD successful the second stages of its inclination interruption and presently cementing a cardinal resistance/support flip.

What happens adjacent — the alleged “uphill run” — gives the brace a six-figure target.

BTC/USD annotated chart. Source: Charles Edwards/ Twitter

Edwards nevertheless acknowledged that similar immoderate illustration pattern, bump & tally whitethorn “fail” and arsenic specified should not beryllium utilized arsenic the ground for a trading oregon concern strategy.

Key Bitcoin terms absorption ahead

For others, sky-high BTC terms valuations stay fantasy.

Related: Fed starts ‘stealth QE’ — 5 things to cognize successful Bitcoin this week

Directly supra existent spot terms lies an country of dense absorption that Bitcoin bulls person failed to flooded truthful far. Key moving averages (MAs) connected play timeframes likewise remain unchallenged.

“Best lawsuit script for BTC is to interruption the 200 MA connected this existent move,” trader and expert Rekt Capital argued astir the existent interplay betwixt BTC/USD and the 200-week MA.

He showed that erstwhile rejections had delivered double-figure losses.

“Clearly, the 200 MA is weakening arsenic resistance. However, what if the 200 MA rejections are declining by 10% each time?” helium continued.

“If BTC fails to interruption the 200 MA soon, could BTC cull by -12%?”

BTC/USD annotated chart. Source: Rekt Capital/ Twitter

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.