Wyckoff ‘SOS’ Could Catapult Bitcoin To $100,000: Hedge Fund Manager
Charles Edwards, founder of the Bitcoin and digital asset hedge fund Capriole Investments, published a detailed examination of Bitcoin’s current market phase suggesting a bullish trajectory, potentially reaching the $100,000 mark.
The analysis hinges on the identification of a Wyckoff ‘Sign of Strength’ (SOS), a concept derived from the century-old Wyckoff Method that studies supply and demand dynamics to forecast price movements.
Understanding The Wyckoff ‘SOS’: Bitcoin To $100,000? The Wyckoff Method, developed by Richard D.
Wyckoff, is a framework for understanding market structures and predicting future price movements through the analysis of price action, volume, and time.
The ‘Sign of Strength’ (SOS) within this methodology signifies a point where the market shows evidence of demand overpowering supply, indicating a strong bullish outlook.
Edwards’s observation of an SOS pattern in Bitcoin’s recent price movements suggests that the market is at a pivotal point, where sustained upward momentum is highly probable.
In Capriole’s latest newsletter, Edwards offered a precise depiction of Bitcoin’s market behavior, highlighting a period of volatility and consolidation in the $60,000 to $70,000 range.
Related Reading: Bitcoin Bull Flag Could Predict 10% Surge To $77,000, Analyst Explains This phase was anticipated by the hedge fund.
Currently, as Bitcoin ventures above its last cycle’s all-time highs, it aligns with the predicted zig-zag SOS structure.
Edwards elucidates, “It would not be surprising to see a liquidity grab at / into all-time highs…