Mar 16, 2023
Bitcoin Could Reach $100K in Classic “Bump & Run” Move
Bitcoin (BTC) is on the cusp of a major move, which could see it reach the $100,000 mark, according to one analyst.
Charles Edwards, founder and CEO of investment firm Capriole, recently tweeted that BTC price action in 2023 is following a “bump & run reversal” pattern. The pattern is defined by Wealthy Education as “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.”
Edwards believes that Bitcoin is currently in the bottom phase of the “bump and run” pattern, and if it follows through, the target is over $100,000.
Despite cooling under $25,000 at the time of writing, BTC/USD is in the midst of a recovery rarely seen before. The longer timeframes are already getting analysts excited after the brutal 2022 bear market.
However, some analysts remain skeptical, pointing out that there is a key area of resistance directly above the current spot price. Key moving averages (MAs) on weekly timeframes likewise remain unchallenged.
Trader and analyst Rekt Capital recently tweeted that “best case scenario for BTC is to break the 200 MA on this current move.” He went on to point out that previous rejections have resulted in double-digit losses, and asked the question “if BTC fails to break the 200 MA soon, could BTC reject by -12%?”
Overall, the web3 space is abuzz with speculation, and it remains to be seen whether or not the “bump and run” pattern will come to fruition. If it does, it could set off a wave of NFT promotion and crypto marketing, with many web3 agencies and NFT marketing agencies looking to capitalize on the trend. Twitter NFT marketing could also become a popular way to promote and sell NFTs.Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.