Bitcoin Price Forms Double Bottom After Crash, Is A Bounce To $112,000 ATH Possible?
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In line with a TradingView crypto analyst named ‘TradingShot,’ the Bitcoin worth has shaped a Double Backside sample and is on monitor to succeed in a brand new All-Time Excessive (ATH) of $112,000. This potential shift in trajectory comes after the cryptocurrency skilled a extreme worth crash that briefly pushed it under the $100,000 mark.
Bitcoin Worth Finds Robust Help At Double Backside
The Bitcoin price crashed under $100,000 earlier this week because the China-based Synthetic Intelligence (AI) mannequin DeepSeek gained important reputation throughout the US and international funding market, overtaking OpenAI’s ChatGPT. Whereas this decline got here as a shock, triggering a massive sell-off, Bitcoin managed to get well over 50% of its losses in a short while.
Associated Studying
Following this extreme crash, TradingShot revealed that Bitcoin had rebounded at a Double assist stage, utilizing two robust assist strains to forestall additional worth slips. The analyst shared an in depth worth chart that highlights a number of Double Bottoms, together with one forming close to the 4-hour 200-Shifting Common (4H MA200).
A Double Bottom pattern is a chart formation that signifies a possible pattern reversal from a downtrend to an uptrend. It’s characterised by two consecutive lows across the identical worth stage and creates a W-shaped motion.
![Bitcoin](https://www.newsbtc.com/wp-content/uploads/2025/01/Bitcoin-chart-from-TradingShot.png?w=860&resize=860%2C342)
Wanting on the chart, the Bitcoin worth is shifting inside an Ascending Channel, indicating a basic uptrend. The 4H MA200 on the orange pattern line is a powerful Double Backside assist stage, which Bitcoin lately examined for the primary time in 12 days.
TradingShot additionally talked about a “Pivot pattern line” through which Bitcoin beforehand confronted resistance, ranging from its ATH on December 17, 2024. This pattern line now acts as a assist line for the cryptocurrency, as its worth has reversed close to it. Notably, Bitcoin virtually touched the underside of January’s Channel Up, indicating a possible key support zone. That is just like a sample in December, the place the cryptocurrency bounced off the identical assist and hit a brand new ATH.
Key Resistance At 4H MA50 — Breakout Or Rejection?
In TradingShot’s chart, the 4H MA50 is indicated on the blue line, appearing as a dynamic resistance stage for the cryptocurrency. At the moment, Bitcoin is buying and selling under this Shifting Common, that means a breakout above this stage may set off extra upside.
The analyst predicts that if Bitcoin breaks above the 4H MA50, it may proceed its bullish momentum towards the next worth stage between $110,000 and $112,000. This huge surge would mark a brand new ATH for the pioneer cryptocurrency, as the best worth Bitcoin has ever reached is above $108,000.
Associated Studying
Supporting this bullish state of affairs, the TradingView analyst highlights Bitcoin’s Relative Power Index (RSI), which reveals oversold areas marked in inexperienced circles on the chart. Every time RSI drops under 30, Bitcoin tends to rebound, indicating a possible for a powerful bounce.
Conversely, the analyst forecasted a bearish state of affairs for Bitcoin if it faces a rejection across the 4H MA50. He predicts that Bitcoin may revisit the Double Backside at $98,000, a bearish stage noticed on each December 23 and January 13. A good deeper correction is anticipated for this cryptocurrency if it continues on a downtrend, with the analyst projecting a crash to $96,000.
Featured picture from iStock, chart from Tradingview.com