According to one analyst, Bitcoin (BTC) is making classic trading moves and could hit $100,000.<\/p>\n

Edwards on BTC price: ‘The bottom is back’<\/h2>\n
have BTC\/USD is in the midst of a previously unseen recovery after surpassing $26,000 this week for a new nine-month high.<\/p>\n
It remains below $25,000 at the time of writing, but a longer timeframe is already getting analysts excited after 2022’s brutal bear market.<\/p>\n
For Edwards, Bitcoin in 2023 is out of the market textbook. He believes the biggest cryptocurrencies are trying to achieve a \u201creversal pattern of prominence and execution.\u201d<\/p>\n
The bottom phase of bump and run is defined<\/a> By wealthy education of investment resources as follows:<\/p>\n
\u201cA bump-and-run reversal bottom is a bullish reversal pattern that begins with a series of downward peaks. marks the end of the<\/p><\/blockquote>\n
\u201cThe textbook-perfect Bitcoin \u2018bump and run reversal\u2019 bottom is back, with target above $100,000. ‘ Edwards summed up.<\/p>\n
The accompanying chart illustrates the bump-and-run phenomenon, showing that BTC\/USD is in the late stages of a trend break and consolidating a major resistance\/support reversal.<\/p>\n
What happens next, the so-called “uphill”, gives the pair a six-figure goal.<\/p>\n
BTC\/USD annotated chart.Source: Charles Edwards\/Twitter<\/em><\/figcaption><\/figure>\n
Nonetheless, Edwards acknowledged that like any chart pattern, bumps and runs can “fail” and should not be used as a basis for any trading or investment strategy.<\/p>\n
Significant Bitcoin Price Resistance Ahead<\/h2>\n
For others, the extremely high BTC price valuation is still an illusion.<\/p>\n
RELATED: Fed Launches ‘Stealth QE’ \u2014 5 Things You Need To Know About Bitcoin This Week<\/em><\/strong><\/p>\n
Just above the current spot price is an area of \u200b\u200bstrong resistance that Bitcoin bulls have so far been unable to overcome.The leading moving averages (MAs) of the weekly timeframes remain unchanged as well.<\/p>\n
\u201cBTC\u2019s best-case scenario is to break the 200 MA in this current move,\u201d says trader and analyst Rekt Capital claimed<\/a> On the current interaction between BTC\/USD and the 200-week moving average.<\/p>\n
He indicated that previous rejections resulted in double-digit losses.<\/p>\n
\u201cObviously, the 200 MA is weakening as a resistance. But what if the 200 MA rejection is decreasing by 10% each time? <\/p>\n
\u201cIf BTC fails to break the 200 MA quickly, can BTC reject at -12%?\u201d<\/p><\/blockquote>\n
BTC\/USD annotated chart. Source: Rekt Capital\/ Twitter<\/em><\/figcaption><\/figure>\n
The views, thoughts and opinions expressed herein are those of the authors only and do not necessarily reflect or represent the views or opinions of Cointelegraph.\n<\/p>\n

Significant Bitcoin Price Resistance Ahead<\/h2>\nFor others, the extremely high BTC price valuation is still an illusion.<\/p>\nRELATED: Fed Launches ‘Stealth QE’ \u2014 5 Things You Need To Know About Bitcoin This Week<\/em><\/strong><\/p>\n