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Bitcoin Forms Rounding Bottom – Expert Sees Push To $100K Next Week

Sebastian Villafuerte
Sebastian Villafuerte
4 months ago
3 mins read
Bitcoin Forms Rounding Bottom – Expert Sees A Push To $100K Next Week

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Bitcoin has been trading sideways in a tight consolidation range, staying below key supply levels while holding strong above crucial demand zones. This phase of indecision has divided market sentiment, with many leaning toward a bullish trend that could result in an aggressive move in the coming days. While uncertainty lingers, analysts are optimistic that Bitcoin is preparing for its next significant price action.

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Renowned analyst Jelle shared a technical analysis on X, revealing that Bitcoin is still building a 4-hour rounding bottom, a bullish pattern that often precedes a breakout. Jelle highlighted that a new higher high was set on Friday, signaling potential momentum in favor of the bulls. This formation suggests that Bitcoin could be gearing up for a move toward reclaiming key levels, including the much-anticipated $100K mark.

Despite the recent sideways price action, Bitcoin’s resilience above crucial demand zones reflects underlying strength. Many traders and investors are keeping a close watch, as this consolidation could soon come to an end. Whether BTC breaks above its supply zone or retraces to retest lower levels, the next move is expected to set the tone for short-term market direction. All eyes remain on Bitcoin as the market awaits confirmation.

Bitcoin Prepares For A Massive Move

Bitcoin’s price remains driven by speculation and uncertainty as short-term price action continues to be unpredictable. The price has struggled to reclaim the $100K mark, leaving analysts divided over its next move. Some are calling for a cycle top at $109K, while others believe that Bitcoin is setting the stage for a massive rally once it consolidates and establishes strong demand at current levels.

Jelle shared a technical analysis on X, highlighting that Bitcoin is still forming a rounding bottom pattern above the $94K level—a bullish structure that signals accumulation and potential upward momentum. He pointed out that a new higher high was set on Friday, strengthening the case for a possible breakout. According to Jelle, if Bitcoin can hold for another higher low over the weekend, bulls could push the price toward the critical $100K mark next week.

Bitcoin forming a rounding bottom | Source: Jelle on X
Bitcoin forming a rounding bottom | Source: Jelle on X

Despite the ongoing uncertainty, the rounding bottom pattern offers a glimmer of optimism for the market. Bitcoin’s ability to stay above the $94K level reflects its resilience, even amid volatility. Traders and investors are closely monitoring this consolidation phase, as it could determine the next significant trend for BTC.

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If the price successfully reclaims the $100K mark, a rally toward the $109K cycle top becomes increasingly likely. Conversely, failing to hold current levels could lead to a deeper correction. The coming days will be crucial for Bitcoin’s short-term direction, with both bulls and bears battling for control.

BTC Price Struggles With Short-Term Direction

Bitcoin is trading at $97,700 after briefly tagging the 4-hour 200 EMA near $98,800, sitting less than 3% below the crucial $100K level. Bulls are striving to reclaim the $98K level and push the price above the psychological $100K mark, a critical resistance zone that has kept BTC in a consolidation phase. Breaking above $100K would signal renewed momentum and could set the stage for a strong uptrend.

BTC testing liquidity between $94K and $98K | Source: BTCUSDT chart on TradingView
BTC testing liquidity between $94K and $98K | Source: BTCUSDT chart on TradingView

The $98K and $100K levels are key short-term hurdles for bulls, as reclaiming these zones would restore confidence and likely attract more buyers. A successful breakout above the $100K mark could ignite a rally, taking Bitcoin into higher territory and possibly testing all-time highs.

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On the flip side, downside risks remain significant. Losing the $94K support level could trigger a correction into lower demand zones around $89K, where buyers might step in to prevent further declines. Such a move would signal continued market indecision and could lead to extended consolidation or even bearish pressure.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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