{"id":521292,"date":"2023-02-28T12:30:32","date_gmt":"2023-02-28T12:30:32","guid":{"rendered":"https:\/\/wncen.com\/?p=521292"},"modified":"2024-06-11T14:32:55","modified_gmt":"2024-06-11T14:32:55","slug":"bitcoin-bull-started-january-9-reasons-charles-edwards","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bull-started-january-9-reasons-charles-edwards\/","title":{"rendered":"Bitcoin Bull Run Started In January: 9 Reasons By Charles Edwards"},"content":{"rendered":"

Charles Edwards, a renowned analyst and founder of Capriole Investments, has outlined<\/a> nine reasons why Bitcoin has been in a new bull market since January in a new Twitter thread. Contrary to the growing voices that Bitcoin will plummet again, Edwards is giving a bullish prediction.<\/p>\n

The first reason is that Bitcoin has exited a multi-month period of low value, as defined by many on-chain metrics, including trading at its electric cost. Historically, this has been the global price floor for Bitcoin. The current bear market was the second longest period Bitcoin has spent at its electrical cost.<\/p>\n

The second reason is the insanely fast recovery after the FTX crash. “We eclipsed the price collapse of a top 3 fraud in human history in just 2 months,” Edwards said, further explaining that this proves there are very few marginal sellers left.<\/p>\n

[A]nd the level of deep value was too much to maintain prices that cheap for long, regardless of such negative news and financial damage.<\/strong><\/p><\/blockquote>\n

According to Edwards, there is also an important technical confirmation at the most important price level on the Bitcoin chart, the breakout above $20,000. The price is of particular importance for five reasons at once: it is the all-time high of 2017, the FTX collapse price, a critical order block level, the boundary for profitable mining, and a psychologically important “round number.”<\/p>\n

More Reasons To Be Bullish On Bitcoin<\/h2>\n

The Capriole Investments founder also cites the recent massive short squeeze as a fourth reason for a bear market end. “We witnessed a 40% short squeeze with identical characteristics to the 2021 China mining ban Bitcoin price bottom.”<\/p>\n

Moreover, according to Edwards, the Bitcoin price has entered a new regime of upward momentum, which is confirmed by several long-term moving averages crossing to the upside. “Take your pick, almost all daily averages are curving up now,” Edwards said.<\/p>\n

Related Reading: Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $24K<\/a><\/div>\n

He also sees one reason in the Bitcoin halving, which he says will be “the most important halving of all time,” as BTC is about to become the hardest asset in the world, overtaking gold as the best store of value in the world. The bottom formation timing was perfect, he said:<\/p>\n

We are at optimal halving cycle timing where Bitcoin typically bottoms (Q4 2022 and Q1 2023). Like clockwork, Bitcoin has bottomed in the window 12-18 months prior to every halving in the past.<\/strong><\/p><\/blockquote>\n

Also, Bitcoin has already reached its biggest pain point with a price discount of over 80%, he said. “At the end of 2022, sentiment was at its worst, and market hedging at its highest on record. As I tweeted in December, most major metrics for sentiment across crypto and equities were showing their worst, or second worst, readings in history.”<\/p>\n

Related Reading: Bitcoin Two-Month Rally Slows Down, What\u2019s Next?<\/a><\/div>\n

Edwards concludes with perhaps the most pivotal reason, although it is probably the most controversial. According to him, there will be a macroeconomic regime change as early as 2023. The Fed, according to the analyst, will pause on interest rates and change its policy, which would be massively bullish for Bitcoin.<\/p>\n

The last point is particularly controversial because the market is currently pricing in a “higher for longer” interest rate policy<\/a> from the U.S. Federal Reserve after both the Consumer Price Index (CPI) and Personal Consumption Expenditures Price Index (PCE) came in much worse than expected.<\/p>\n

As a result, at the time of writing, the Bitcoin price continues to struggle with its key support at $23,300.<\/p>\n

\"Bitcoin
Bitcoin price, 4-hour chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Hans Eiskonen \/ Unsplash, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Charles Edwards, a renowned analyst and founder of Capriole Investments, has outlined nine reasons why Bitcoin has been in a new bull market since January in a new Twitter thread. Contrary to the growing voices that Bitcoin will plummet again, Edwards is giving a bullish prediction. The first reason is that Bitcoin has exited a multi-month period of low value, as defined by many on-chain metrics, including trading at its electric cost. Historically, this has been the global price floor for Bitcoin. The current bear market was the second longest period Bitcoin has spent at its electrical cost. The second reason is the insanely fast recovery after the FTX crash. “We eclipsed the price collapse of a top 3 fraud in human history in just 2 months,” Edwards said, further explaining that this proves there are very few marginal sellers left. [A]nd the level of deep value was too much to maintain prices that cheap for long, regardless of such negative news and financial damage. According to Edwards, there is also an important technical confirmation at the most important price level on the Bitcoin chart, the breakout above $20,000. The price is of particular importance for five reasons at once: it is the all-time high of 2017, the FTX collapse price, a critical order block level, the boundary for profitable mining, and a psychologically important “round number.” More Reasons To Be Bullish On Bitcoin The Capriole Investments founder also cites the recent massive short squeeze as a fourth reason for a bear market end. “We witnessed a 40% short squeeze with identical characteristics to the 2021 China mining ban Bitcoin price bottom.” Moreover, according to Edwards, the Bitcoin price has entered a new regime of upward momentum, which is confirmed by several long-term moving averages crossing to the upside. “Take your pick, almost all daily averages are curving up now,” Edwards said. Related Reading: Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $24K He also sees one reason in the Bitcoin halving, which he says will be “the most important halving of all time,” as BTC is about to become the hardest asset in the world, overtaking gold as the best store of value in the world. The bottom formation timing was perfect, he said: We are at optimal halving cycle timing where Bitcoin typically bottoms (Q4 2022 and Q1 2023). Like clockwork, Bitcoin has bottomed in the window 12-18 months prior to every halving in the past. Also, Bitcoin has already reached its biggest pain point with a price discount of over 80%, he said. “At the end of 2022, sentiment was at its worst, and market hedging at its highest on record. As I tweeted in December, most major metrics for sentiment across crypto and equities were showing their worst, or second worst, readings in history.” Related Reading: Bitcoin Two-Month Rally Slows Down, What\u2019s Next? Edwards concludes with perhaps the most pivotal reason, although it is probably the most controversial. According to him, there will be a macroeconomic regime change as early as 2023. The Fed, according to the analyst, will pause on interest rates and change its policy, which would be massively bullish for Bitcoin. The last point is particularly controversial because the market is currently pricing in a “higher for longer” interest rate policy from the U.S. Federal Reserve after both the Consumer Price Index (CPI) and Personal Consumption Expenditures Price Index (PCE) came in much worse than expected. As a result, at the time of writing, the Bitcoin price continues to struggle with its key support at $23,300. Featured image from Hans Eiskonen \/ Unsplash, Chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":521299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,60667],"class_list":["post-521292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-charles-edwards"],"acf":[],"yoast_head":"\nBitcoin Bull Run Started January: 9 Reasons By Charles Edwards<\/title>\n<meta name=\"description\" content=\"Charles Edwards, a renowned analyst and founder of Capriole Investments, has outlined nine reasons why Bitcoin has been in a new bull market since January\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bull Run Started In January: 9 Reasons By Charles Edwards","url":"http:\/\/wncen.com\/news\/bitcoin-bull-started-january-9-reasons-charles-edwards\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bull-started-january-9-reasons-charles-edwards\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/hans-eiskonen-wn57cSQ7VzI-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/hans-eiskonen-wn57cSQ7VzI-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","charles edwards"],"dateCreated":"2023-02-28T12:30:32Z","datePublished":"2023-02-28T12:30:32Z","dateModified":"2024-06-11T14:32:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bull Run Started In January: 9 Reasons By Charles Edwards\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bull-started-january-9-reasons-charles-edwards\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bull-started-january-9-reasons-charles-edwards\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/hans-eiskonen-wn57cSQ7VzI-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/hans-eiskonen-wn57cSQ7VzI-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"charles edwards\"],\"dateCreated\":\"2023-02-28T12:30:32Z\",\"datePublished\":\"2023-02-28T12:30:32Z\",\"dateModified\":\"2024-06-11T14:32:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/hans-eiskonen-wn57cSQ7VzI-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/521292"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=521292"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/521292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/521299"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=521292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=521292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=521292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}