Bitcoin (BTC<\/a>) is setting up a classic trading move, which could see it hit a giant $100,000, one analyst says.<\/p>\n In a tweet<\/a> on March 14, Charles Edwards, founder and CEO of investment firm Capriole, called BTC price action in 2023 a \u201cbump & run reversal.\u201d<\/p>\n Having passed $26,000<\/a> to hit new nine-month highs this week, BTC\/USD is in the midst of a recovery rarely seen before.<\/p>\n Despite cooling under $25,000<\/a> at the time of writing, longer timeframes are already getting analysts excited after the brutal 2022 bear market.<\/p>\n For Edwards, Bitcoin in 2023 has been straight out of the markets textbooks.\u00a0The largest cryptocurrency is attempting to fulfil a “bump and run reversal pattern,” he believes.<\/p>\n The bottom phase of bump and run is defined by investment resource Wealthy Education<\/a> as follows:<\/p>\n “The bump-and-run reversal bottom is a bullish reversal pattern that begins with a series of descending peaks. Excessive speculation drives prices down until reaching extreme lows. The price action then reverses direction to the upside and marks the end of the downtrend.”<\/p><\/blockquote>\n \u201cTextbook perfect Bitcoin \u2018Bump & Run Reversal\u2019 bottom is back and the target is over $100,000.\u201d Edwards summarized.<\/p>\n Accompanying charts described the bump & run phenomenon, showing BTC\/USD in the latter stages of its trend break and currently cementing a key resistance\/support flip.<\/p>\n What happens next \u2014 the so-called \u201cuphill run\u201d \u2014 gives the pair a six-figure target.<\/p>\n Edwards nonetheless acknowledged that like any chart pattern, bump & run may \u201cfail\u201d and as such should not be used as the basis for a trading or investment strategy.<\/p>\n For others, sky-high BTC price valuations remain fantasy.<\/p>\n Related:\u00a0Fed starts \u2018stealth QE\u2019 \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n Directly above current spot price lies an area of heavy resistance that Bitcoin bulls have failed to overcome so far. Key moving averages (MAs) on weekly timeframes likewise remain unchallenged<\/a>.<\/p>\n \u201cBest case scenario for BTC is to break the 200 MA on this current move,\u201d trader and analyst Rekt Capital argued<\/a> about the current interplay between BTC\/USD and the 200-week MA.<\/p>\n He showed that previous rejections had delivered double-figure losses.<\/p>\n \u201cClearly, the 200 MA is weakening as resistance. However, what if the 200 MA rejections are declining by 10% each time?\u201d he continued. <\/p>\n \u201cIf BTC fails to break the 200 MA soon, could BTC reject by -12%?\u201d<\/p><\/blockquote>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\nEdwards on BTC price: The “bottom is back”<\/h2>\n
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Key Bitcoin price resistance ahead<\/h2>\n
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