According to a TradingView crypto analyst named ‘TradingShot,’ 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.
Bitcoin Price Finds Strong Support At Double Bottom
The Bitcoin price crashed below $100,000 earlier this week as the China-based Artificial Intelligence (AI) model DeepSeek gained significant popularity across the US and global investment market, overtaking OpenAI’s ChatGPT. While this decline came as a shock, triggering a massive sell-off, Bitcoin managed to recover over 50% of its losses in a short time.
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Following this severe crash, TradingShot revealed 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).
A Double Bottom pattern is a chart formation that indicates a potential trend reversal from a downtrend to an uptrend. It is characterized by two consecutive lows around the same price level and creates a W-shaped movement.
Looking at the chart, the Bitcoin price is moving within an Ascending Channel, 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.
TradingShot also mentioned a “Pivot trend line” in which Bitcoin previously faced resistance, starting from its ATH on December 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’s Channel Up, indicating a potential key support zone. This is similar to a pattern in December, where the cryptocurrency bounced off the same support and hit a new ATH.
Key Resistance At 4H MA50 — Breakout Or Rejection?
In TradingShot’s 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, meaning a breakout above this level…
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