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Bitcoin rose above $26,500 after yesterday’s release of the US Consumer Price Index (CPI), and then underwent a sharp price correction. As a result, BTC briefly fell just below $24,000. At the time of writing, Bitcoin is trading at $24,968, below key resistance at $25,200.
However, Charles Edwards, founder of Capriole Investments, points to an extremely bullish chart pattern in Bitcoin – a pattern that could drive the price above $100,000. Edwards on Twitter:
“Bitcoin’s perfect ‘bump & run backback’ bottom is back and the target is above $100,000.”
The perfect textbook Bitcoin “Bump & Run Reversal” bottom is back and the target is over $100,000. pic.twitter.com/w1dvI2r57Q
— Charles Edwards (@caprioleio) March 15, 2023
What the “Bitcoin Bump And Run Reversal” implies
The Bump And Run Reversal (BARR), as the name suggests, is a reversal pattern that occurs when excessive speculation drives prices too low and too fast, to the point of reaching extremes . The pattern developed by Thomas Bulkowski can also be found in his book “Encyclopedia of Chart Patterns”.
The pattern consists of three main phases: the entry, the bump, and the run-up. As Edwards shows in the chart below, on the 3-day chart from November 2021 to May 2022, the price of bitcoin has formed the initial phase, which begins with a series of descending spikes that define the initial trend.
The bump phase begins with a sharp decline, as the price moves further away from the trend. This phase for bitcoin began in June 2022, when the price experienced a major decline before further bumps took the price to new extremes.
At the end of the bump phase, in January 2023, BTC had a strong uptrend that caused the price to break the trend line.
In mid-February and yesterday there was a retracement of the trend line, when the price of BTC rose higher. With this, Bitcoin confirmed the beginning of the bullish phase that starts when the pattern is broken. This step could take bitcoin to more than $100,000 by mid-2024, according to Edwards.
More bullish chart patterns
The founder of Capriole Investments has found two more reasons that speak in favor of a bull run in the short and medium term. Edwards shared the following two charts, writing on Twitter:
“Head & Shoulders and Wyckoff accumulation at the last resistance level before $30K. Close above $25 this week and it doesn’t get much better than old school technical analysis.”
For now, the $25,200 resistance remains the key level that Bitcoin needs to break for further momentum. Already in February, the price was rejected three times at this resistance. Yesterday’s breakout didn’t last, so the limit is still there to start a new bull run.
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Text credit: Newsbtc
Last updated on March 15, 2023
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