Charles Edwards, a cryptocurrency analyst and the creator of Capriole Fund, identified an intriguing trend that, if confirmed, might lead to a run for Bitcoin, the largest cryptocurrency by market capitalization.
According to Edwards, a “technically beautiful” pattern has produced profits for Bitcoin over a predetermined period of time. In a visual chart, he highlighted what he refers to as “Bitcoin’s four bumps and runs.”
https://x.com/caprioleio/status/1710369091343786342?s=20
He claims that as BTC moves closer to the 2024 halving, the current cycle bump and run (BARR) is in line with all previous cycles. According on length, depth, and duration, Edwards observed that the following 12 to 18 months should see the highest cycle returns.
A low of $27,173 was reached on Friday by the largest cryptocurrency by market capitalization as a result of the announcement that the U.S. economy generated 336,000 jobs in September, far more than forecast by economists.
The losses were temporary, though, as Bitcoin quickly bounced back to little over $28,000. At the time of writing, BTC had increased by 1.66% to $27,980 over the previous day.
Bitcoin’s short- and midterm outlook
In September, Bitcoin outpaced the market historically, which is encouraging for its success in the months to come.
The market may be nearing the end of bears’ reign, according to an insights report written by the co-founders of Glassnode, but the situation is still unstable.
Maintaining the $27,000 level may be crucial for Bitcoin’s further upward movement, as mentioned in the research. Staying above $27,000 might stop the negative trend from taking off and confirm the breach of the previous range between $26,000 and $27,100.
Bitcoin may consolidate between $27,000 and $27,500 in the near future, with a test of $26,700 and then $27,800 possible when the price takes a break.
The worst-case scenario would not be a retest of the lower end since a consolidation over $27,000 would mark the beginning of a full-fledged bullish trend and momentum.
If Bitcoin drops below $26,700 in the medium term, a retest of the $26,000 barrier is probable.
