Home » Currency News » Bitcoin to $100K next? Analyst eyes ‘textbook perfect’ BTC price move

One analyst said Bitcoin is in the middle of a classic deal, which could exceed 100000 yuan.

In a tweet on March 14, Clive Edwards, founder and CEO of investment management firm Capriole, called the market price of bitcoin in 2023 a "rise-and-fall exchange".

Edwards talks about the price of bitcoin: "the bottom is going home."

This week, Bitcoin broke through $26000 to the dollar, setting a new record in September and is in the process of recovering like never before.

Although stock prices have fallen below 25000 at the time of writing, investment analysts are excited by the long-term structure after a brutal bear market in 2022.

For Edwards, the 2023 bitcoin has already stepped out of the market immediately. In his view, the largest digital currency of this kind is trying to complete a "reverse way of shaking and running".

The lowest link of Bump and Run is defined by the teaching with rich investment resources as follows:

"the bottom of the stumbling reversal is a double-headed reversal shape that originates from a series of falling peaks. Excessive speculation causes prices to fall until they reach the extreme bottom point. Subsequently, market prices reversed the upward direction, indicating the end of the downward trend.

"the perfect bitcoin 'wobble reversal' in the textbook comes back at the bottom, aimed at more than $100000." Edwards concluded.

The fascinating picture below shows that the BTC/ dollar is in the final stage of a trend breakthrough and consolidates a key resistance / support reversal.

What's going to happen next-- what we often call "climbing"-- sets a six-digit target for this two-digit figure.

Even so, Edwards agrees that, like all data charts, Bump and Run may be "unsuccessful" and cannot be used as a prerequisite for trading or investment advice.

The key to the price of bitcoin in the future is resistance.

For others, the valuation of high-priced Bitcoin companies is still a delusion.

Above the current futures price, there is a relatively serious resistance area that the bitcoin double head has not been able to solve. The important moving average (MA) in the weekly time frame is also untested.

REKT Capital, a trader and investment analyst, said of the interaction between Bitcoin against the dollar and the 200-week moving average at this stage: "the better situation for BTC is to break through the 200-week moving average at this stage."

He explained that previous refusals added double-digit damage.

"it is obvious that the 200 moving average has become weaker as resistance. However, the frequency of MA rejections has always dropped by 10%. What will happen? He went on.

"if BTC can't break the 200 moving average quickly, can BTC reject it by-12%?"
Related News

MicroStrategy to offer Bitcoin Lightning solutions in 2023

MicroStrategy’s Lightning Network solutions include Satoshi-powered incentives for marketing and website cybersecurity.

BTC price preserves $16.5K, but funding rates raise risk of new Bitcoin lows

Bitcoin is fooling no one with its current behavior, with bearish takes everywhere and the yearly close just two days away.

How to buy Bitcoin in Australia?

Buying Bitcoin (BTC) in Australia can be done through crypto exchanges, ATMs and by trading with other parties.

Mark Cuban to Bill Maher: ‘If you have gold, you’re dumb as fuck... Just get Bitcoin.’

The billionaire owner of the Dallas Mavericks confirmed to Cointelegraph that he practices what he preaches, stating he does not own any gold himself.