Crypto Analyst Sights $100,000 For Bitcoin’s Near-Term Price After This Pattern Surfaced
Bitcoin hitting a $100,000 price mark is a prediction that many cryptocurrency players have made in the past. While the asset has never reached that level before, many expect that Bitcoin’s popularity, and inherent value, could play a huge role in sending the asset to $100,000 or even higher.
While Bitcoin at $100,000 is yet to become a reality, and price predictions that have followed since last year have mostly been modest, a key player in the market highlights strong possibilities for Bitcoin.
According to the analyst, a recent pattern has been spotted on the Bitcoin technical chart. Bitcoin could more than triple its current price levels if the pattern fully forms. The apex cryptocurrency could go up to as high as $100,000 soon.
Charles Edwards, the cryptocurrency analyst and also the founder of Capriole Investments fund, took to Twitter to make this known to his 100,000+ Twitter followers. Edwards, a full-time Bitcoin analyst, revealed that a bullish textbook pattern, known as the “Bump & Run Reversal”, has been spotted on the Bitcoin technical chart.
As the textbook pattern explains, the crypto analyst shared, “Various components of bump-and-run reversal bottom. A price drop-off follows the lead-in phase, where prices move in a narrow range. The bump forms then round upwards as prices leave the bowl and move higher on the uphill and return to new highs.”
Meanwhile, it is important to remember that while chart patterns might point to the possibility of a bullish run for cryptocurrencies, they could also fail, and the asset in question could take decline to an even lower price level or remain stagnant in the near term or long term.
“Goes without saying, but chart patterns do fail, don’t use this as a trading/investment plan. Manage your risks!” Charles Edwards warned in a follow-up tweet.
Meanwhile, Bitcoin had previously enjoyed a short bully run at the start of the week, with the asset’s price swinging up to new levels. Bitcoin previously hit a seven-month high of $26,514 before losing momentum.
BTCUSD Chart by TradingView
The asset declined as losses piled up and dropped below $25,000. This came after a large number of long positions were liquidated. Data from Coinglass revealed that more than $150 million in long positions were liquidated. Bitcoin now trades at a press time price of $24,735.