{"id":40151,"date":"2025-01-29T21:30:14","date_gmt":"2025-01-29T21:30:14","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=40151"},"modified":"2025-01-29T21:30:14","modified_gmt":"2025-01-29T21:30:14","slug":"bitcoin-price-forms-double-bottom-after-crash-is-a-bounce-to-112000-ath-possible","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=40151","title":{"rendered":"Bitcoin Price Forms Double Bottom After Crash, Is A Bounce To $112,000 ATH Possible?"},"content":{"rendered":"

According to a TradingView crypto analyst named \u2018TradingShot,\u2019 the Bitcoin price has formed a Double Bottom<\/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<\/p>\n

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

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

Following this severe crash, TradingShot revealed<\/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<\/p>\n

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

Looking at the chart, the Bitcoin price is moving within an Ascending Channel<\/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<\/p>\n

TradingShot also mentioned a \u201cPivot trend line\u201d in which Bitcoin previously faced resistance, starting from its ATH on December<\/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 key support zone<\/a>. This is similar to a pattern in December, where the cryptocurrency bounced off the same support and hit a new ATH.\u00a0<\/p>\n

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 Moving Average<\/a>, meaning a breakout above this level could trigger more upside.\u00a0<\/p>\n

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

Supporting this bullish scenario, the TradingView analyst highlights Bitcoin\u2019s Relative Strength Index (RSI)<\/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<\/p>\n

Conversely, the analyst forecasted a bearish scenario for Bitcoin<\/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 deeper correction<\/a> is expected for this cryptocurrency if it continues on a downtrend, with the analyst projecting a crash to $96,000.\u00a0<\/p>","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":0,"featured_media":40152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-40151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/40151"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40151"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/40151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/40152"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}