If this “beautiful” pattern is confirmed by U.Today, Bitcoin (BTC) is primed for a major rally

U.Today – Crypto analyst and founder of Capriole Fund has discovered an interesting pattern that, if confirmed, could trigger a run on the largest cryptocurrency by market cap.

Edwards cites what he calls a “technically beautiful” pattern that has produced returns for Bitcoin within a set time frame. He showed what he calls “the four highs and lows of Bitcoin” in a graphical chart.

In his opinion, this current cycle bump and run (BARR) is following the same path as all previous cycles as BTC heads towards the halving in 2024. Based on length, depth and duration, Edwards noted that maximum cycle returns can be expected in the next 12 to 18 months.

The largest cryptocurrency by market capitalization fell to a low of $27,173 on Friday after reporting 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 just over $28,000. At the time of writing, BTC was up 1.66% in the last 24 hours to $27,980.

Short and Medium Term Outlook for h2 Bitcoin/h2 Bitcoin outperformed history in September, which bodes well for its performance in the coming months.

An insights report authored by suggests that the market may be nearing the end of the bears’ control, but the environment remains volatile.

As the analysis points out, maintaining the $27,000 level could be crucial for Bitcoin’s continued uptrend. Staying above $27,000 could prevent bearish momentum from gaining momentum and confirm the breakout of the previous range between $26,000 and $27,100.

In the short term, Bitcoin could consolidate between $27,000 and $27,500, with the possibility of testing $26,700 if 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 be the sign of a full-fledged uptrend and pronounced bullish momentum.

If Bitcoin falls below $26,700 in the medium term, a retest of the $26,000 level is possible.

This article was originally published on U.Today

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