Bitcoin Must Close Above $78,000 This Week, Says Capriole Founder

Capriole Investments founder Charles Edwards warned that Bitcoin must end the week with a closing price above $78,000. At the time of writing, Bitcoin was trading near $75,900, roughly 2.8% below the target.

Key price levels

• Current price: around $75,900
• Weekly target: $78,000
• Potential resistance: $93,500 (level Edwards says would open a run toward six figures)
• Recent support range: $77,100‑$78,400, with $79,000 repeatedly rejected

Recent market activity

Bitcoin fell below $75,000 for the first time since August 20, triggering liquidations of roughly $771.8 million across more than 120,000 traders. About 91% of the liquidated positions were long. Bitcoin ETFs saw outflows of $450.4 million, led by BlackRock’s IBIT ($161.7 million) and Fidelity’s FBTC ($214.8 million).

Analyst perspectives

While Edwards maintains a bearish outlook, another analyst, known as Credible Crypto, suggested the bottom could be within 10% of current levels (around $68,300) before a potential 200% rally that would push Bitcoin above $200,000.

Macro backdrop

The recent price drop was linked to the U.S. Senate’s failure to advance the CLARITY Act, which fell short of the 60‑vote threshold needed to open debate on crypto market structure. The legislative setback removed a potential policy catalyst for Bitcoin.

Outlook

Edwards emphasized that the weekly close above $78,000 is the decisive factor for the near‑term trend. Until that level is achieved, he expects continued bearish pressure, with a 12‑to‑18‑month window shaped by long‑term holder selling.