Bitcoin (BTC) Primed for Major Run if This ‘Beautiful’ Pattern Validates
A crypto analyst and Capriole Fund founder recently discovered an intriguing pattern that could potentially trigger a significant surge in the market’s largest cryptocurrency, Bitcoin, if confirmed.
The analyst referred to this pattern as a “technically beautiful” one, which has historically resulted in substantial returns within a specific timeframe. He highlighted the occurrence of “Bitcoin’s four bumps and runs” on a graphic chart.
According to the analyst, the current cycle’s bump and run (BARR) aligns with previous cycles as Bitcoin approaches the 2024 halving event. Based on various factors such as length, depth, and duration, the analyst predicts that the maximum cycle returns will likely happen in the next 12 to 18 months.
Bitcoin experienced a temporary dip to $27,173 following the news of the U.S. economy adding 336,000 jobs in September, surpassing economists’ expectations.
However, the cryptocurrency quickly bounced back above $28,000, demonstrating resilience. At the time of writing, BTC was up 1.66% in the last 24 hours, reaching $27,980.
Bitcoin’s Short- and Midterm Outlook
In September, Bitcoin outperformed historical trends, indicating a positive outlook for the upcoming months. An insights report suggests that the market may be nearing the end of bearish control, although volatility remains a factor to consider.
According to the analysis, maintaining the $27,000 level is crucial for Bitcoin’s upward momentum. A sustained level above $27,000 could prevent bearish forces from gaining traction and confirm a breakthrough of the previous range between $26,000 and $27,100.
In the short term, Bitcoin is expected to consolidate within the range of $27,000 and $27,500, with a possible test of $26,700 as the price takes a breather, followed by a potential rise to $27,800.
While a retest of the lower end is not ideal, a consolidation above $27,000 would signal a fully-fledged bullish trend and sustained momentum.
Looking ahead, if Bitcoin drops below $26,700, there is a possibility of a retest of the $26,000 level in the medium term.
In conclusion, the presence of the “beautiful” pattern suggests that Bitcoin might experience a significant surge in the near future. However, market conditions and various factors need to be carefully monitored to determine the validity of this pattern. Bitcoin’s short- and midterm outlook indicates a potential for further growth, but maintaining key support levels is crucial for sustained upward momentum.
Disclaimer: This article provides information for educational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries risks, and individuals should do thorough research and consider their financial situation before making any investment decisions.