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According to an action view crypto analyst called ‘Tradeshot’, the Bitcoin price has formed a double bottom Pattern and is on track to reach a new of all time (ATH) of $ 112,000. This potential shift in the process comes after the cryptocurrency had experienced a serious price crash that pushed it short under $ 100,000.
Bitcoin price finds strong support on double bottom
The Bitcoin price crashed Under $ 100,000 earlier this week as the China -Founded Artificial Intelligence (AI) model Deep Got a considerable popularity on the US and the global investment market and catch up OpenAi’s Chatgpt. While this decline came as a shock, a Huge saleBitcoin managed to restore more than 50% of his losses in a short time.
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After this serious crash, Handelshot unveiled That Bitcoin had returned to a double support level, using two strong support lines to prevent further price slips. The analyst shared a detailed price diagram that emphasizes different double soils, including one that forms near the 4-hour 200-moving average (4H MA200).
A Double bottom pattern is a graph formation that indicates a potential trend remote from a downward trend to one trend. It is characterized by two consecutive lows around the same price level and creates a W-shaped movement.
Looking at the graph, the Bitcoin price moves within a Rising channelwhat a general uprising indicates. The 4H MA200 on the orange trend line is a strong level of support with double bottom, which Bitcoin recently tested for the first time in 12 days.
Tradeshot also mentioned a “pivot trend line” in which Bitcoin was previously opposed, starting with his ATH on December 17, 2024. This trend line now acts as a support line for the cryptocurrency, because its price has been reversed in the neighborhood. In particular, Bitcoin almost hit the bottom of the January channel, which indicates a potential Key Support Zone. This is similar to a pattern in December, where the cryptocurrency bounced the same support and hit a new ATH.
Main resistance at 4H MA50 – Breakout or rejection?
In the graph of Tradeshot, the 4H MA50 is indicated on the blue line, which acts as a dynamic resistance level for the cryptocurrency. Bitcoin is currently being traded below Advanced averageWhich means that a breakthrough above this level could activate more top.
The analyst predicts that if Bitcoin breaks above 4H MA50, this could be Go through his bullish momentum To a higher price level between $ 110,000 and $ 112,000. This huge wave would do that Mark a new ATH For the Pioneer Cryptocurrency, the highest price that Bitcoin has ever reached is more than $ 108,000.
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To support this Bullish Scenario, the HandelsView analyst emphasizes highlights Bitcoin’s Relative Strength Index (RSI)Those over sold -out areas show marked in green circles on the graph. When RSI falls under 30, Bitcoin tends to rebound, which indicates a potential for a strong leap.
Conversely, the analyst predicted one Bearish scenario for Bitcoin If it is confronted with a rejection around 4H MA50. He predicts that Bitcoin could again visit the double bottom at $ 98,000, a bearish level observed on December 23 and January 13. Deeper Is expected for this cryptocurrency if it continues on a downward trend, where the analyst projects a crash at $ 96,000.
Featured image of Istock, graph of TradingView.com