• Bitcoin’s price recently broke the psychological resistance level of $25k and hopes were high for a new bull run.
• Confidence in Bitcoin has increased following the collapse of three regional banks in the United States and Credit Suisse’s shares have declined over 96 percent from their all-time high.
• Charles Edwards, founder of Capriole Investments, believes that Bitcoin price is on its way to trade above $100k.
Bitcoin Breaks Psychological Resistance Level
The cryptocurrency market has been a roller coaster ride for investors lately, with Bitcoin’s recent price movements causing a stir in the community. After a significant breakthrough above the psychological resistance level of $25k, hopes were high for a new bull run; however, as the daily bar closed with a bearish outlook, that optimism quickly evaporated leaving many traders scrambling to reassess their positions.
Collapse of Regional Banks Boosts Crypto Confidence
Confidence in Bitcoin has significantly increased following the collapse of three regional banks in the United States. Additionally, Credit Suisse’s largest shareholder indicated financial constraints to offer further support and its shares have declined over 96 percent from their all-time high. With more banks expected to announce financial bottlenecks in the near future, cash inflows to top digital assets like Bitcoin and Ethereum are expected to rise exponentially.
$100k Roadmap For Bitcoin
Charles Edwards, founder of Capriole Investments predicts that Bitcoin will eventually trade above $100k without stipulating an exact timeline for when this milestone will be achieved. He pointed out a bullish pattern dubbed Bump And Run Reversal Bottom (BARR) which he believes will propel prices higher towards this goal in what would be an unprecedented bull run for cryptocurrency markets.
Risk Management Is Key
Elena R., an expert in technical analysis and risk management when it comes to cryptocurrency markets reminds us that everything carries some form of risk but taking action is key if you want to protect your investment portfolio against volatility shocks such as those experienced by credit suisse shareholders over 96%.
Conclusion
The future of bitcoin remains uncertain but it appears clear that there are huge opportunities ahead if one plays their cards right when it comes to risk management strategies and timing entry/exit points correctly with respect to market trends like BARR patterns as identified by Edwards from Capriole Investments.