According to Charles Edwards, founder of Capriole Investments, Bitcoin is on track to potentially hit the $100,000 mark. He analyzed Bitcoin's current market using the century-old Wyckoff Method and identified a Wyckoff 'Sign of Strength' (SOS), indicating a bullish trend.

The Wyckoff Method, developed by Richard D. Wyckoff, focuses on market structures and predicting price movements. An SOS in this context signifies a point where demand exceeds supply, suggesting a positive market outlook.

Based on recent price movements, Edwards observed an SOS pattern in Bitcoin, indicating a strong likelihood of sustained upward momentum. He noted a period of volatility and consolidation in the $60,000 to $70,000 range outlined in Capriole's newsletter.

As Bitcoin surpasses its previous cycle's all-time highs, Edwards predicts a zig-zag SOS structure that points towards potential growth. He highlighted possible resistance levels but also mentioned the lack of significant obstacles in Bitcoin's path towards reaching $100,000.

In addition to technical analysis, Edwards emphasized the importance of fundamental factors supporting Bitcoin's bullish case. He introduced the Dynamic Range NVT (DRNVT) metric, suggesting that Bitcoin is currently undervalued, providing an appealing investment opportunity.

Considering both technical and fundamental indicators, along with the approaching Halving event, the outlook for Bitcoin appears positive. Despite expected short-term volatility, Edwards believes that probabilities are shifting towards an upward trajectory once again.