Bitcoin (BTC) Primed for Major Run if This ‘Beautiful’ Pattern Validates
Bitcoin outperformed history in September, which bodes well for its performance in months ahead
Crypto analyst and Capriole Fund founder Charles Edwards spotted an interesting pattern that might trigger a run for the biggest cryptocurrency by market capitalization, Bitcoin, if validated.
Edwards cites what he refers to as a “technically beautiful” pattern that has yielded returns for Bitcoin within a set time frame. He pointed out what he calls “Bitcoin’s four bumps and runs” in a graphic chart.
According to him, this current cycle bump and run (BARR) is on track with all prior cycles as BTC heads toward the 2024 halving. Based on length, depth and duration, Edwards noted that maximum cycle returns are expected to occur over the next 12 to 18 months.
The largest cryptocurrency by market capitalization fell to a low of $27,173 on Friday on news that the U.S. economy added 336,000 jobs in September, exceeding economist expectations.
However, the losses were short-lived, as Bitcoin swiftly recovered to slightly above $28,000. BTC was up 1.66% in the last 24 hours to $27,980 at the time of writing.
Bitcoin’s short- and midterm outlook
Bitcoin outperformed history in September, which bodes well for its performance in the months ahead.
An insights report authored by Glassnode co-founders suggests that the market may be nearing the end of bears’ control, but the environment remains volatile.
As stated in the analysis, maintaining the $27,000 level may be critical for Bitcoin’s further upside. A stay above $27,000 may prevent bearish momentum from gaining traction and confirm the breakthrough of the prior range between $26,000 and $27,100.
In the short term, Bitcoin may consolidate between $27,000 and $27,500, with the possibility to test $26,700 when the price takes a breather, and then $27,800.
A retest of the lower end would not be the worst-case scenario, as a consolidation over $27,000 would signal the start of a full-fledged bullish trend and momentum.
In the medium term, if Bitcoin falls below $26,700, a retest of the $26,000 level is possible.
