Bitcoin Surges Towards $100,000 as Double Bottom Pattern Holds
Bitcoin is currently trading at $84,103, down 2.65% over the last 24 hours, and its market cap stands at approximately $1.69 trillion.
Analyst Ali Martinez has identified a textbook double bottom formation on Bitcoin's daily chart, with a clear conclusion: 'the $82,500 neckline will hold as support.' The target remains $100,000.
The pattern requires two consecutive failures by sellers to push price lower. On Bitcoin's daily chart, the two troughs formed near $62,000 once in May/June and again in July, creating a classic 'W' shape. Price subsequently broke above the neckline at ~$82,500, which now functions as support.
Bitcoin is currently consolidating just above that level at $84,103, representing a ~$1,600 cushion above the critical line. The pattern depth, from the $62,000 trough to the $82,500 neckline, is approximately $20,000. Added to the neckline breakout, that projects directly to $100,000.