Bitcoin Price Surges Above $100,000 Yet Again? Chart Patterns Predict What’s Next
Crypto researcher Madden believes the Bitcoin price might rise above $100,000 again, indicating an optimistic outlook for the flagship cryptocurrency. His investigation revealed what lies ahead for BTC and how it may reach this psychological price level.
Bitcoin Price Expected to Rally Above $100,000, With Possible Bullish Reversal
In a TradingView post, Madden stated that the Bitcoin price was poised for a rise above $100,000, with a reversal expected. His accompanying chart suggested potential price objectives for BTC as it reverses to the upside at $91,700, $102,700, and $109,356, respectively. A rise to $109,356 would represent a new all-time high (ATH) for the flagship cryptocurrency.
The crypto researcher mentioned certain charts with key levels and patterns to help assess whether the Bitcoin price reversal is confirmed. He identified the reversal points on the daily chart by highlighting a Deep-Crab harmonic and Wolfe wave pattern. The Deep Cran pattern indicated that BTC likely bottomed down when it reached $76,600, and the reversal is already in play.
Madden also referenced the CME daily Bitcoin price chart. He pointed out that there is a daily retest of the 200-day moving average (MA) and that the CME gap between $77,000 and $80,000 has been closed, implying that there is no reason for BTC to go that low again. Meanwhile, the crypto researcher noted that BTC is currently trading above the 2022 and 2024 top support lines.
BTC Roadmap Moving Forward
Madden’s study included a roadmap and future prediction for the Bitcoin price. His accompanying chart indicated that the flagship cryptocurrency may reach $125,000 in this market cycle. The chart indicates that BTC will achieve this price target by the end of the year. Crypto expert Willy Woo also indicated that Bitcoin may reach this aim, which he regarded as conservative.
The chart also indicated that the Bitcoin price might enter a bear market by 2026, falling from its estimated top of $125,000 to as low as $40,000. This price drop to $40,000 could occur before 2026 ends.
Meanwhile, market participants are mostly focused on the bullish turnaround of the Bitcoin price. According to crypto researcher Ali Martinez, Bitcoin is on the verge of breaking out. He stated that the aim is $90,000 as long as the $84,000 support is maintained.
Crypto whales are already preparing for a likely reversal of the Bitcoin price to $90,000. Martinez discovered that these whales purchased almost 20,000 BTC within the last 48 hours.
At the time of writing, the Bitcoin price is trading at around $84,500, up over 3% in the last 24 hours, according to data from CoinMarketCap.