Bitcoin Price Forms Double Bottom After Crash, Is A Bounce To $112,000 ATH Possible?

Bitcoin Price Forms Double Bottom After Crash, Is A Bounce To $112,000 ATH Possible?

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According to the Crypto TradingView analyst called “Tradingshot” Bitcoin price is a double bottom The pattern is on the right path to reach the highest new level (ATH) of $ 112,000. This possible shift in the path comes after the cryptocurrency has witnessed very much prices that paid it shortly to less than 100,000 dollars.

Bitcoin finds strong support at the double bottom

Bitcoin price collapsed Less than $ 100,000 earlier this week as a model of China -based AI (AI) Dibsic It gained great popularity throughout the investment market in the United States and the global investment market, as it exceeded Chatgpt from Openai. While this decline came as a shock, which leads to a SalesBitcoin managed to recover more than 50 % of its losses in a short time.

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After this severe collapse, Tradingshot open This bitcoin wore a double support level, using two strong support lines to prevent further sliding in prices. The analyst shared a detailed price plan that highlights many double bottoms, including one shape near the average for 4 hours 200 (4H M200).

A Double bottom pattern It is the formation of a chart that indicates a possible reflection of the declining direction to The upward trend. It features successive declines at the same price level and creates a W.

Double bottom pattern to supply BTC towards the new altitudes source: Tradingshot on Tradingview

Looking at the graph, the price of bitcoin moves inside Upward channelThis indicates the general rising range. 4H MA200 is on the orange line line a strong support level, which was recently tested Bitcoin for the first time in 12 days.

Tradingshot also mentioned the “axial trend line” that Bitcoin previously faced resistance, starting with this ATH in December 17, 2024. This trend line now works as a support line for the encrypted currency, as its price was reflected near it. It is worth noting that Bitcoin almost touched the bottom of the January channel up, indicating a possibility The main support area. This is similar to a pattern in December, where the cryptocurrency wore the same support and hit a new ATH.

The main resistance in 4H MA50 – outbreak or rejection?

In the Tradingshot chart, 4H MA50 is referred to on the blue line, as it works as a dynamic resistance level for the encrypted currency. Currently, Bitcoin is traded below Mobile averageThis means the outbreak of this level can lead to more upward trend.

The analyst predicts that if Bitcoin is separated above 4H MA50, it can do so Continue its difficult momentum Towards the higher price level between $ 110,000 and $ 112,000. This enormous increase New ATH sign For the leading cryptocurrency, the bitcoin price exceeds the highest price ever.

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Support this upscale scenario, highlights TradingView analyst Bitcoin relativity index (RSI)This indicates excessive areas with a mark in the green circles on the graph. The more RSI decreases to less than 30, Bitcoin tends to bounce, indicating a strong bounce.

On the contrary, the analyst A. Bitcoin landmark If he is facing a rejection of the 4h ma5. Bitcoin is expected to reconsider the double bottom at $ 98,000, a declining level observed on December 23 and January 13. Depth This cryptocurrency is expected to be if it continues in the declining direction, as the analyst dropped a collapse to $ 96,000.

Bitcoin
BTC trading at 102,586 dollars on the 1D graph | Source: btcusdt on Tradingvief.com

Distinctive image from Istock, Chart from TradingView.com

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