Bitcoin Eyeing $112,000 After Bullish Double Bottom Breakout, Analyst Says 🚀
Bitcoin (BTC) has shown recovery after a weekend slump, trading close to $110,000. Analysts believe it may reach a new all-time high soon. A bullish pattern, the double bottom, is forming on Bitcoin's hourly chart, indicating a potential upward trend.
CryptoQuant analyst ibrahimcosar shared that this pattern signals weakening bearish pressure, with buyers poised to regain control. The pattern's neckline is around $109,000, and trading volume surge supports bullish momentum. Fellow analyst Ali Martinez sees Bitcoin aiming for $110,000 and potentially higher.
Renewed institutional interest fuels optimism, with open interest hitting all-time highs. Mixed behavior among Bitcoin whales, with some accumulating and others taking profits, reflects market dynamics.
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