Bitcoins price has shown strength in the last 48 hours and is now trading around $90,000, after days of consolidation around $90,000. Technical analyst Jackis presented an honest assessment of the potential paths for Bitcoin’s next significant rise in the context of short-term consolidation and attempts to breakout above $95,000, outlining different scenarios for both bulls and bears.
Both prospects have a case, but price should confirm
Bitcoin is now trading above $95,000 again, after rising 3.1% in the past 24 hours. Price action in the last 24 hours alone shows that the outlook could be bullish. As it stands now, Bitcoin’s price action has reached a point where traders need to let the chart tell them what’s next.
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According to to a technical analysis of a crypto analyst known as Jackis on the social media platform arguments alone are not enough here because there are both good bullish and bearish arguments for Bitcoin. In his wordshe has seen similar price actions move in opposite directions in different cycles.
The chart below shows how Bitcoin price action is currently forming an ascending triangle pattern on the 8-hour candlestick timeframe. However, examples show how this same formation led to an upward reversal for Bitcoin in the past and then a bearish continuation for Ethereum in the past as well.
Based on his analysis, he currently sees more reasons for a downward continuation, and until the market proves otherwise, the active trend is bearish. Both bullish and bearish outlooks have a reason, but price action must confirm it.
Bullish and bearish scenarios for Bitcoin
Once the price breaks out in either direction, the the follow-up can be quick, which means being stubborn on the wrong side can be costly.
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On the bullish side, Jackis emphasized that a breakout towards $96,000 is the kind of move that would confirm a bullish continuation. He added that a break of $96,000 at this point could open the way to $107,000 or higher.
On the other hand, Jackis’ bearish trigger is linked to the rising support line. Price action can look constructive until the trendline breaks, and that is the point at which downward continuation becomes the higher probability route in this framework.
If Bitcoin were to lose the lower trendline of the uptrend, it would likely drift back to the April 24 low. The April lows refer to how Bitcoin shed over $106,100 in January 2025 and underwent a multi-month correction which eventually reached a low point a low around $76,000.
This means a clean breakdown could change the conversation from range chop in the mid-$90,000s to a reset.
Featured image from Pixabay, chart from Tradingview.com