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Bitcoin’s (BTC) recent recovery from a weekend drop that took it to $106,600 has seen the cryptocurrency trade close to $110,000. Crypto analysts believe BTC is on the verge of hitting a new high in coming days.
Bitcoin Surge to $112,000? Analysts Say Yes
According to a recent CryptoQuant Quicktake post by contributor ibrahimcosar, Bitcoin is forming a classic bullish pattern on the hourly chart – the double bottom. Analyst described the setup as “one of the strongest reversal signals” In technical analysis.
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Ibrahimcosar said that the pattern indicates a waning in bearish pressure with buyers ready to buy. regain control The market. This formation’s first low was $106,800 on the 23rd of May, and a second one at $106,600 on the 25th.
For the uninitiated, the double bottom is a bullish reversal chart pattern that forms after a downtrend, characterized by two distinct lows at a similar level with a moderate peak – called neckline – in between. CryptoQuant’s contributor estimates that the current neckline of Bitcoin is at around $109,000.
Bitcoin hovers just below this neckline at the moment of writing. This confirms the breakout. The breakout occurred in conjunction with a spike in volume of trading, which is interpreted by analysts as an indication that bullish momentum has been established.
If the price level of $109,000 is maintained, it could rise to $112,000 or even higher. Analysts explained their Quicktake in a blog post.
Double bottoms are where the market says: ‘We’ve sold enough.’ Buyers who defend the second low send a signal: It’s now our turn. Remember, however, that not all patterns will play out. Make your decision based on your understanding of the risk.
Ali Martinez, a fellow analyst at X, echoed the sentiments expressed by Ali Martinez in a post that he made recently. He shared the BTC hourly graph below which shows a break from the current downtrend. Martinez says that Bitcoin has now set its sights on the $110,000 and even higher level.
BTC to Enjoy Good Times Ahead
Bitcoin, which had a tough first quarter 2025 has recovered significantly. The cryptocurrency has surged from its local low of $74,508 in April 6, to over $110,000. The recent rise in Bitcoin has revived bullishness across the entire market.
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Fueling the optimism are strong inflows Spot Bitcoin Exchange-Traded Funds (ETFs) indicate renewed interest from institutions. Bitcoin interest has been increasing recently hit A new all-time record, adding to the expectation of continued momentum in prices.
Not all indicators align. Bitcoin whales – large holders of BTC – have shown Mixed behavior is evident, as some appear to accumulate while others seem to take profits. BTC was trading at $109.998 as of press time. This is an increase of 2.2% over the last 24 hours.
Charts are from Tradingview.com and CryptoQuant.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
