A trading expert is projecting that technical indicators support a potential Bitcoin (BTC) rally toward $110,000 as the asset attempts to recover from the weekend sell-off.
Notably, Bitcoin briefly plunged below $100,000 on Sunday following a market-wide decline triggered by a U.S. strike on Iran’s nuclear facility, aligning Washington with Israel in the ongoing Middle East conflict.
According to an analysis by TradingShot, the recent drop formed a descending channel similar to the correction between December 17, 2024, and January 13, 2025.
In both cases, Bitcoin broke below the 50-day moving average (MA) and formed a lower low. The January move led to a sharp reversal that retested the all-time high, the analyst noted in a TradingView post on June 23.
TradingShot also pointed out that the Relative Strength Index (RSI) is once again testing the 41.20 support level, reinforcing the similarity between the two patterns.
Given the shorter uptrend since the April 7, 2025, low, the analyst suggested this could be a bull flag, often seen as a continuation pattern within a broader bullish cycle.
While a medium-term breakout remains unconfirmed until a weekly candle closes above the record high, TradingShot has set a provisional target of $111,900 for the next potential high.
Bitcoin’s short-term play
Meanwhile, prominent trader Michaël van de Poppe commented in a June 23 X post that Bitcoin’s reclaim of the $100,000 level marked a possible liquidity grab below prior lows, a bear trap that triggered strong buying interest.
Poppe noted that Bitcoin may consolidate in the short term, but a breakout above $102,500 could confirm the end of the correction and spark a renewed rally. He identified $103,800 as a key level for bulls to target.
Bitcoin price analysis
At press time, Bitcoin was trading at $101,260, down 1.4% on the day and over 3% on the weekly chart.
The main challenge now is staying above $100,000; dropping below this level could expose Bitcoin to further downside risk toward $80,000.
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