{"id":823896,"date":"2025-02-02T13:12:06","date_gmt":"2025-02-02T19:12:06","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/02\/bitcoin-price-forms-double-bottom-after-crash-is-a-bounce-to-112000-ath-possible\/"},"modified":"2025-02-02T13:12:06","modified_gmt":"2025-02-02T19:12:06","slug":"bitcoin-price-forms-double-bottom-after-crash-is-a-bounce-to-112000-ath-possible","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/02\/bitcoin-price-forms-double-bottom-after-crash-is-a-bounce-to-112000-ath-possible\/","title":{"rendered":"Bitcoin Price Forms Double Bottom After Crash, Is A Bounce To $112,000 ATH Possible?"},"content":{"rendered":"

Bitcoins <\/p>\n

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According to a TradingView crypto analyst named \u2018TradingShot,\u2019 the <\/span>Bitcoin price has formed a Double Bottom<\/span><\/a> pattern and is on track to reach a new All-Time High (ATH) of $112,000. This potential shift in trajectory comes after the cryptocurrency experienced a severe price crash that briefly pushed it below the $100,000 mark.\u00a0<\/span><\/p>\n

Bitcoins Bitcoin Price Finds Strong Support At Double Bottom<\/h2>\n

The Bitcoin price crashed<\/span><\/a> below $100,000 earlier this week as the China-based Artificial Intelligence (AI) model <\/span>DeepSeek<\/span><\/a> gained significant popularity across the US and global investment market, overtaking OpenAI\u2019s ChatGPT. While this decline came as a shock, triggering a <\/span>massive sell-off<\/span><\/a>, Bitcoin managed to recover over 50% of its losses in a short time.\u00a0<\/span><\/p>\n

Following this severe crash, TradingShot <\/span>revealed<\/span><\/a> that Bitcoin had rebounded at a Double support level, using two strong support lines to prevent further price slips. The analyst shared a detailed price chart that highlights several Double Bottoms, including one forming near the 4-hour 200-Moving Average (4H MA200).\u00a0<\/span><\/p>\n

A <\/span>Double Bottom pattern<\/span><\/a> is a chart formation that indicates a potential trend reversal from a downtrend to an <\/span>uptrend<\/span><\/a>. It is characterized by two consecutive lows around the same price level and creates a W-shaped movement.<\/span><\/p>\n

\"bitcoins
Double-bottom pattern to fuel BTC toward new highs | Source: TradingShot on Tradingview<\/a><\/figcaption><\/figure>\n

Looking at the chart, the Bitcoin price is moving within an <\/span>Ascending Channel<\/span><\/a>, indicating a general uptrend. The 4H MA200 on the orange trend line is a strong Double Bottom support level, which Bitcoin recently tested for the first time in 12 days.\u00a0<\/span><\/p>\n

TradingShot also mentioned a \u201cPivot trend line\u201d in which Bitcoin previously faced resistance, starting from its <\/span>ATH on December<\/span><\/a> 17, 2024. This trend line now acts as a support line for the cryptocurrency, as its price has reversed near it. Notably, Bitcoin almost touched the bottom of January\u2019s Channel Up, indicating a potential <\/span>key support zone<\/span><\/a>. This is similar to a pattern in December, where the cryptocurrency bounced off the same support and hit a new ATH.\u00a0<\/span><\/p>\n

Bitcoins Key Resistance At 4H MA50 \u2014 Breakout Or Rejection?<\/h2>\n

In TradingShot\u2019s chart, the 4H MA50 is indicated on the blue line, acting as a dynamic resistance level for the cryptocurrency. Currently, Bitcoin is trading below this <\/span>Moving Average<\/span><\/a>, meaning a breakout above this level could trigger more upside.\u00a0<\/span><\/p>\n

The analyst predicts that if Bitcoin breaks above the 4H MA50, it could <\/span>continue its bullish momentum <\/span><\/a>toward a higher price level between $110,000 and $112,000. This massive surge would <\/span>mark a new ATH<\/span><\/a> for the pioneer cryptocurrency, as the highest price Bitcoin has ever reached is above $108,000.\u00a0<\/span><\/p>\n

Supporting this bullish scenario, the TradingView analyst highlights <\/span>Bitcoin\u2019s Relative Strength Index (RSI)<\/span><\/a>, which shows oversold areas marked in green circles on the chart. Whenever RSI drops below 30, Bitcoin tends to rebound, indicating a potential for a strong bounce.\u00a0<\/span><\/p>\n

Conversely, the analyst forecasted a <\/span>bearish scenario for Bitcoin<\/span><\/a> if it faces a rejection around the 4H MA50. He predicts that Bitcoin could revisit the Double Bottom at $98,000, a bearish level observed on both December 23 and January 13. An even <\/span>deeper correction<\/span><\/a> is expected for this cryptocurrency if it continues on a downtrend, with the analyst projecting a crash to $96,000.\u00a0<\/span><\/p>\n

\"bitcoins
BTC trading at $102,586 on the 1D chart | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n

Featured image from iStock, chart from Tradingview.com<\/p>\n<\/p><\/div>\n

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Bitcoins
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\n\t\t\t\t\tScott Matherson\t\t\t\t<\/a>
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Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.<\/p>\n

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Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.<\/p>\n

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.<\/p>\n

Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.<\/p>\n

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
\nIn his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.<\/p>\n

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.<\/p>\n

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

Disclaimer:<\/strong> The information found on NewsBTC is for educational purposes
\n\t\t\t\t\t\t\tonly. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
\n\t\t\t\t\t\t\tinvestments and naturally investing carries risks. You are advised to conduct your own
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\n\t\t\t\t\t\t\tentirely at your own risk.<\/p>\n<\/p><\/div>\n

Scott Matherson Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

According to a TradingView crypto analyst named \u2018TradingShot,\u2019 the Bitcoin price has formed a Double Bottom pattern and is on track to reach a new All-Time High (ATH) of $112,000. This potential shift in trajectory comes after the cryptocurrency experienced a severe price crash that briefly pushed it below the $100,000 mark.\u00a0 Bitcoin Price Finds<\/p>\n","protected":false},"author":1,"featured_media":823897,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,4759],"tags":[11476],"class_list":["post-823896","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-price","tag-bitcoins"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/823896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=823896"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/823896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/823897"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=823896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=823896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=823896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}