Bitcoin Forms Bump And Run Reversal Bottom, Target Is Over $100,000

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,767,628,397	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,767,628,397

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.000013	-0.01%	0.12227	0.12228	0.122329

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.000013

-0.01%

0.12227

0.12228

0.122329

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.122842	0.12226	0.122283	0.122283	0.064588 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.122842

0.12226

0.122283

0.064588 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	07:01:06	239.37	0.12227	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

07:01:06

239.37

0.12227

USD

Price x Volume	Volume	Base Symbol	Related Pairs
7,243.91	59,093.30	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

7,243.91

59,093.30

Bitcoin Forms Bump And Run Reversal Bottom, Target Is Over $100,000

15/03/2023 7:10am

NEWSBTC

After Bitcoin soared to over $26,500 following yesterday’s release of the Consumer Price Index (CPI) in the US, the price experienced a sharp correction. The BTC price briefly fell just below $24,000. At the time of writing, Bitcoin was trading at $24,868, below key resistance at $25,200. However, Charles Edwards, founder of Capriole Investments, has spotted an extremely bullish chart pattern for Bitcoin that could propel the price to over $100,000. Via Twitter, Edwards wrote, “Textbook perfect Bitcoin ‘Bump & Run Reversal’ bottom is back and the target is over $100,000.” Here’s 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 down too far, too fast, until it reaches extreme lows. The pattern, developed by Thomas Bulkowski, was also included in his book “Encyclopedia of Chart Patterns”. Related Reading: Bitcoin And Crypto Respond Bullish To February’s CPI At 6.0% The pattern consists of three main phases: the lead-in, bump, and uphill run. As Edwards shows in the chart below, the Bitcoin price has formed the lead-in phase in the 3-day chart from November to 2021 to May 2022, which begins with a series of descending peaks that are instrumental to the initiating trend line. The bump phase begins with a sharp drop, with the price moving further away from the trendline. This phase began for Bitcoin in June 2022 when the price experienced a sharp drop before further bumps occurred, driving the price to new extreme lows. At the end of the bump phase, BTC experienced a strong uptrend in January 2023, causing the price to break the trend line. Related Reading: Bitcoin Price Corrects Sharply But This Support Might Spark Another Increase Both in mid-February and yesterday, there was a throwback to the trendline, where the BTC price bounced upwards. With this, Bitcoin has confirmed the beginning of the uphill run phase, which starts when the pattern is broken. This phase could take Bitcoin to over $100,000 by mid-2024, according to Edwards. More Bullish Chart Patterns The Capriole Investments founder also found two more reasons to be bullish on the short to medium term. Edwards shared the following two charts and said via Twitter: Head & Shoulders and Wyckoff Accumulation at the last resistance level before $30K. Close this week above $25 and it doesn’t get much better from old school technicals perspective. For now, resistance at $25,200 remains the most important level that Bitcoin needs to break through to build bullish momentum. Back in February, the price was rejected three times at the resistance. Yesterday’s breakout did not last, which is why it remains the boundary for the start of a new bull run. Featured image from iStock, Chart from TradingView.com

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