After a slight weekend slump that saw Bitcoin (BTC) dip to $106,600, the leading cryptocurrency has recovered most of its losses and is currently trading close to the $110,000 level. With bullish momentum building, several crypto analysts now believe that BTC may be on track to hit a new all-time high (ATH) in the coming days.<\/p>\n
According to a recent CryptoQuant Quicktake post by contributor ibrahimcosar, Bitcoin is forming a classic bullish pattern on the hourly chart \u2013 the double bottom. The analyst described this setup as \u201cone of the strongest reversal signals\u201d in technical analysis.<\/p>\n
Ibrahimcosar explained that this pattern signals a weakening of bearish pressure, with buyers poised to regain control<\/a> of the market. The first bottom of this formation was observed on May 23 at $106,800, followed by a second low on May 25 at $106,600.<\/p>\n For the uninitiated, the double bottom is a bullish reversal chart pattern that forms after a downtrend, characterized by two distinct lows at a similar level with a moderate peak \u2013 called neckline \u2013 in between. According to the CryptoQuant contributor, the current neckline is around $109,000.<\/p>\n At the time of writing, Bitcoin is hovering just above this neckline, confirming the breakout. Importantly, the breakout was accompanied by a surge in trading volume, which analysts interpret as a sign of robust bullish momentum.<\/p>\n If $109,000 holds as support, then price levels beyond $112,000 could be on the horizon. The analyst explained in their Quicktake post:<\/p>\n Double bottoms are where the market says: \u2018We\u2019ve sold enough.\u2019 When buyers defend the second bottom, it sends a message: Now it\u2019s our turn. But remember, not every pattern plays out. Know your risk, make your decision.<\/p>\n Fellow analyst Ali Martinez echoed this sentiment in a recent post on X, sharing the following BTC hourly chart that highlights a breakout from the recent downtrend. According to Martinez, Bitcoin is now targeting the $110,000 level and potentially higher.<\/p>\n Following a rough first quarter in 2025, Bitcoin has shown significant recovery, surging from a local bottom of $74,508 on April 6 to nearly $110,000. This recent rally has revived bullish sentiment across the market.<\/p>\n \u200b\u200bFueling the optimism are strong inflows<\/a> into spot Bitcoin exchange-traded funds (ETFs), indicating renewed institutional interest. Meanwhile, Bitcoin\u2019s open interest recently hit<\/a> a fresh all-time high, reinforcing expectations of continued price momentum.<\/p>\nGood Days Ahead For BTC<\/h2>\n