Bitcoin Price Analysis: $100,000 Target on the Horizon?
CryptoNewsTerminal Staff16 May, 2024
Bitcoin Price Analysis: $100,000 Target on the Horizon?
Bitcoin (BTC) has been consolidating within a descending channel for the past few weeks, ranging between $58,000 and $65,000. According to Charles Edwards, the founder of the crypto hedge fund Capriole Investments, this trend may continue for another 4-5 months. However, from a long-term perspective, Edwards believes that BTC could be completing a cup and handle pattern, which could lead to a potential increase to $100,000. Edwards explains that BTC is holding the long-term trend on the weekly chart and is closing weekly candles above $58,000. He believes that it may take up to 9 months to complete the cup and handle pattern, but technically, BTC is still optimistic if the $58,000 level holds. It is important to note that this is just one analyst's opinion, and the cryptocurrency market is notoriously volatile. However, Edwards' analysis provides some insights into the potential long-term trajectory of BTC.
