The CEO of investment firm Capriole has high hopes for Bitcoin, predicting that the cryptocurrency will experience a textbook-perfect push towards $100,000.
Despite recent turmoil in the banking industry, Bitcoin has shown signs of recovery, surpassing the $26,000 mark at one point.
Charles Edwards, a prominent figure in the industry, has identified a pattern of downward steps followed by a full reversal and growth in asset price, which he believes could signal a complete reversal in Bitcoin’s fortunes in 2023.
Capriole’s CEO has similarly high expectations for Bitcoin, calling for a surge in value that could see it reach the $100,000 milestone.
However, as is always the case with technical analysis, Edwards acknowledges that there is a chance his predictions could be incorrect.
Meanwhile, economist and writer Robert Kiyosaki has urged investors to consider precious metals and Bitcoin as a hedge against a looming global economic crisis.