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Crypto analyst and founder of the Capriole Fund Carlos Edwards Spotted an interesting pattern that could spark a race for the largest cryptocurrency by market capitalization, Bitcoin, if validated.
Edwards cites what he calls a “technically beautiful” pattern that has generated returns for Bitcoin within a given time period. He pointed out what he calls “Bitcoin’s four bumps and runs” on a chart.
According to him, this current raise and run (BARR) cycle is in line with all previous cycles as BTC heads towards the 2024 halving. Depending on the duration, depth and duration, Edwards noted that expects peak cycle returns 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, beating economists’ expectations.
However, the losses were short-lived as Bitcoin quickly recovered to slightly above $28,000. BTC is up 1.66% in the last 24 hours to $27,980 at the time of writing.
Bitcoin’s short and medium-term outlook
Bitcoin outperformed history in September, which bodes well for its performance in the coming months.
A knowledge report written by Glassnode Co-Founders suggests that the market may be nearing the end of the bears’ control, but the environment remains volatile.
As indicated in the analysis, holding the $27,000 level may be critical for Bitcoin to continue rising. A stay above $27,000 may prevent the bearish momentum from gaining traction and confirm the breakout of the previous range between $26,000 and $27,100.
In the short term, Bitcoin may consolidate between $27,000 and $27,500, with the possibility of testing $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 above $27,000 would signal the start of a full-blown bullish trend and momentum.
In the medium term, if Bitcoin falls below $26,700, a retest of the $26,000 level is possible.
