{"id":523129,"date":"2023-03-15T07:10:11","date_gmt":"2023-03-15T07:10:11","guid":{"rendered":"https:\/\/ktsl888.com\/?p=523129"},"modified":"2024-06-11T08:03:36","modified_gmt":"2024-06-11T08:03:36","slug":"bitcoin-bump-and-run-reversal-bottom-target-100000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-bump-and-run-reversal-bottom-target-100000\/","title":{"rendered":"Bitcoin Forms Bump And Run Reversal Bottom, Target Is Over $100,000"},"content":{"rendered":"

After Bitcoin soared to over $26,500 following yesterday’s release<\/a> 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.<\/p>\n

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.”<\/p>\n

Here’s What The Bitcoin Bump And Run Reversal Implies<\/h2>\n

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”.<\/p>\n

Related Reading: Bitcoin And Crypto Respond Bullish To February\u2019s CPI At 6.0%<\/a><\/div>\n

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.<\/p>\n

\"Bitcoin
Bitcoin BARR pattern | Source Twitter @caprioleio<\/a><\/figcaption><\/figure>\n

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.<\/p>\n

At the end of the bump phase, BTC experienced a strong uptrend in January 2023, causing the price to break the trend line.<\/p>\n

Related Reading: Bitcoin Price Corrects Sharply But This Support Might Spark Another Increase<\/a><\/div>\n

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.<\/p>\n

More Bullish Chart Patterns<\/h2>\n

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:<\/p>\n

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.<\/strong><\/p><\/blockquote>\n

\"Bitcoin
Head & shoulders and Wyckoff accumulation | Source: Twitter @caprioleio<\/a><\/figcaption><\/figure>\n

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.<\/p>\n

\"Bitcoin
BTC price below key resistance, 4-hour chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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\u2019s 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<\/p>\n","protected":false},"author":571,"featured_media":523139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-523129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\nBitcoin Forms Bump And Run Reversal Bottom, Target Is $100,000<\/title>\n<meta name=\"description\" content=\"Charles Edwards has spotted an extremely bullish chart pattern for Bitcoin that could propel the price to over $100,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/bitcoin-bump-and-run-reversal-bottom-target-100000\/\" 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Through his extensive work with ktsl888.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/ktsl888.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Forms Bump And Run Reversal Bottom, Target Is Over $100,000","url":"http:\/\/ktsl888.com\/news\/bitcoin-bump-and-run-reversal-bottom-target-100000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-bump-and-run-reversal-bottom-target-100000\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/space-shuttle-in-sky-with-stars-and-clouds-rocket-in-deep-space-scifi-picture-id1360144430.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/space-shuttle-in-sky-with-stars-and-clouds-rocket-in-deep-space-scifi-picture-id1360144430.jpg?fit=1280%2C720"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2023-03-15T07:10:11Z","datePublished":"2023-03-15T07:10:11Z","dateModified":"2024-06-11T08:03:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Forms Bump And Run Reversal Bottom, Target Is Over $100,000\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-bump-and-run-reversal-bottom-target-100000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-bump-and-run-reversal-bottom-target-100000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/space-shuttle-in-sky-with-stars-and-clouds-rocket-in-deep-space-scifi-picture-id1360144430.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/space-shuttle-in-sky-with-stars-and-clouds-rocket-in-deep-space-scifi-picture-id1360144430.jpg?fit=1280%2C720\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2023-03-15T07:10:11Z\",\"datePublished\":\"2023-03-15T07:10:11Z\",\"dateModified\":\"2024-06-11T08:03:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/space-shuttle-in-sky-with-stars-and-clouds-rocket-in-deep-space-scifi-picture-id1360144430.jpg?fit=1280%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/523129"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=523129"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/523129\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/523139"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=523129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=523129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=523129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}