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MainNewsBitcoin Eyei...

Bitcoin Eyeing $112,000 After Bullish Double Bottom Breakout, Analyst Says


by Ash Tiwari
for NewsBTC
Bitcoin Eyeing $112,000 After Bullish Double Bottom Breakout, Analyst Says

After a slight weekend slump that saw Bitcoin (BTC) dip to $106,600, the leading cryptocurrency has recovered most of its losses and is currently trading close to the $110,000 level. With bullish momentum building, several crypto analysts now believe that BTC may be on track to hit a new all-time high (ATH) in the coming days.

Bitcoin To Surge To $112,000? Analyst Says 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. The analyst described this setup as “one of the strongest reversal signals” in technical analysis.

Ibrahimcosar explained that this pattern signals a weakening of bearish pressure, with buyers poised to regain control of the market. The first bottom of this formation was observed on May 23 at $106,800, followed by a second low on May 25 at $106,600.

cq1

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. According to the CryptoQuant contributor, the current neckline is around $109,000.

At the time of writing, Bitcoin is hovering just above this neckline, confirming the breakout. Importantly, the breakout was accompanied by a surge in trading volume, which analysts interpret as a sign of robust bullish momentum.

If $109,000 holds as support, then price levels beyond $112,000 could be on the horizon. The analyst explained in their Quicktake post:

Double bottoms are where the market says: ‘We’ve sold enough.’ When buyers defend the second bottom, it sends a message: Now it’s our turn. But remember, not every pattern plays out. Know your risk, make your decision.

Fellow analyst Ali Martinez echoed this sentiment in a recent post on X, sharing the following BTC hourly chart that highlights a breakout from the recent downtrend. According to Martinez, Bitcoin is now targeting the $110,000 level and potentially higher.

ali

Good Days Ahead For BTC

Following a rough first quarter in 2025, Bitcoin has shown significant recovery, surging from a local bottom of $74,508 on April 6 to nearly $110,000. This recent rally has revived bullish sentiment across the market.

​​Fueling the optimism are strong inflows into spot Bitcoin exchange-traded funds (ETFs), indicating renewed institutional interest. Meanwhile, Bitcoin’s open interest recently hit a fresh all-time high, reinforcing expectations of continued price momentum.

However, not all indicators are aligned. Bitcoin whales – large holders of BTC – have shown mixed behavior, with some accumulating while others appear to be taking profits. At press time, BTC trades at $109,998, up 2.2% in the past 24 hours.

bitcoin
Read the article at NewsBTC

Read More

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Bitcoin Selling Pressure Weak As Binance Inflows Stay Subdued – Can BTC Sustain Its Rally?

Bitcoin Selling Pressure Weak As Binance Inflows Stay Subdued – Can BTC Sustain Its Rally?

Bitcoin (BTC) continues to trade close to its new all-time high (ATH) of $111,980, se...
MainNewsBitcoin Eyei...

Bitcoin Eyeing $112,000 After Bullish Double Bottom Breakout, Analyst Says


by Ash Tiwari
for NewsBTC
Bitcoin Eyeing $112,000 After Bullish Double Bottom Breakout, Analyst Says

After a slight weekend slump that saw Bitcoin (BTC) dip to $106,600, the leading cryptocurrency has recovered most of its losses and is currently trading close to the $110,000 level. With bullish momentum building, several crypto analysts now believe that BTC may be on track to hit a new all-time high (ATH) in the coming days.

Bitcoin To Surge To $112,000? Analyst Says 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. The analyst described this setup as “one of the strongest reversal signals” in technical analysis.

Ibrahimcosar explained that this pattern signals a weakening of bearish pressure, with buyers poised to regain control of the market. The first bottom of this formation was observed on May 23 at $106,800, followed by a second low on May 25 at $106,600.

cq1

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. According to the CryptoQuant contributor, the current neckline is around $109,000.

At the time of writing, Bitcoin is hovering just above this neckline, confirming the breakout. Importantly, the breakout was accompanied by a surge in trading volume, which analysts interpret as a sign of robust bullish momentum.

If $109,000 holds as support, then price levels beyond $112,000 could be on the horizon. The analyst explained in their Quicktake post:

Double bottoms are where the market says: ‘We’ve sold enough.’ When buyers defend the second bottom, it sends a message: Now it’s our turn. But remember, not every pattern plays out. Know your risk, make your decision.

Fellow analyst Ali Martinez echoed this sentiment in a recent post on X, sharing the following BTC hourly chart that highlights a breakout from the recent downtrend. According to Martinez, Bitcoin is now targeting the $110,000 level and potentially higher.

ali

Good Days Ahead For BTC

Following a rough first quarter in 2025, Bitcoin has shown significant recovery, surging from a local bottom of $74,508 on April 6 to nearly $110,000. This recent rally has revived bullish sentiment across the market.

​​Fueling the optimism are strong inflows into spot Bitcoin exchange-traded funds (ETFs), indicating renewed institutional interest. Meanwhile, Bitcoin’s open interest recently hit a fresh all-time high, reinforcing expectations of continued price momentum.

However, not all indicators are aligned. Bitcoin whales – large holders of BTC – have shown mixed behavior, with some accumulating while others appear to be taking profits. At press time, BTC trades at $109,998, up 2.2% in the past 24 hours.

bitcoin
Read the article at NewsBTC

Read More

BlackRock’s Bitcoin ETF Reaches Record Low Volatility, Draws Billions in Flows

BlackRock’s Bitcoin ETF Reaches Record Low Volatility, Draws Billions in Flows

As IBIT attracts institutional capital, Strategy sees one of its lowest volatility re...
Bitcoin Selling Pressure Weak As Binance Inflows Stay Subdued – Can BTC Sustain Its Rally?

Bitcoin Selling Pressure Weak As Binance Inflows Stay Subdued – Can BTC Sustain Its Rally?

Bitcoin (BTC) continues to trade close to its new all-time high (ATH) of $111,980, se...