A cryptocurrency trading expert is predicting that, based on technical indicators, Bitcoin (BTC) might be in the process of forming a bottom before an explosive rally to a new all-time high.
This outlook comes as Bitcoin continues to consolidate below the $90,000 mark amid a broader market sell-off.
According to the analysis, Bitcoin has formed a ‘triangle bottom’ pattern, similar to those seen in September 2023 and August 2024, suggesting that history may be about to repeat itself, TradingShot noted in a TradingView post on March 7.
The analysis observed that Bitcoin has formed a familiar pattern: lower highs acting as resistance and higher lows forming support. This consolidation structure has historically preceded major upside moves.
In this context, Bitcoin’s price action since the February 28 low mirrors previous cycles, where similar patterns marked the bottom before BTC surged. The key confirmation for a breakout is BTC crossing above its four-hour 200-moving average (MA), a level that has acted as a launchpad in past rallies.
If Bitcoin follows the same trajectory as previous triangle breakouts, the price could reach at least the 1.786 Fibonacci extension level, a move that would place the leading digital currency near $120,000 in the medium term.
Both the 2023 and 2024 breakouts hit this extension, reinforcing the expectation of another significant rally in 2025.
Given that past formations marked the bottom of their respective phases in Bitcoin’s 2023 to 2025 bull cycle, the analyst believes this could be the final push toward BTC’s ultimate cycle top by the end of the year.
Bitcoin’s path to $100,000
Another possible Bitcoin price breakout toward a six-figure valuation was also shared by Crypto Ceaser, who noted in an X post on March 7 that the asset is flashing a critical technical signal as it forms a major falling wedge pattern, often a bullish reversal indicator.
In this case, the pattern has developed over the past few months, with Bitcoin making lower highs and lower lows, tightening toward a key point. A breakout above the upper resistance line could signal a surge toward the $100,000 level, while failure to hold support may lead to a deeper correction.
It’s worth noting that Bitcoin has continued to struggle despite President Donald Trump’s announcement of a Bitcoin Strategic Reserve, which failed to excite investors. Markets had hoped for direct government purchases, but the executive order outlined no such plans, leading to a sharp sell-off.
The cryptocurrency dropped as low as $84,900. Notably, Trump’s crypto advisor, David Sacks, emphasized that the reserve would be funded with assets seized in legal proceedings, ensuring no taxpayer costs. However, traders remained unimpressed, with some calling the move “underwhelming.”
While the crypto community welcomed the Bitcoin reserve, some market players have criticized Trump’s idea. For instance, economist and Bitcoin critic Peter Schiff maintained that the reserve is temporary and stressed that the asset is likely to experience a free fall.
Bitcoin price analysis
Bitcoin was trading at $86,273 by press time, having dropped over 4% in the last 24 hours. Meanwhile, on the weekly chart, the leading digital asset had gained a modest 2%.
For Bitcoin to reach $120,000, it must first reclaim $90,000 and then break $100,000 to confirm the uptrend.
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