The price of Bitcoin is formed double rear after accident, is a rebound to $ 112,000 AT?

According to a Cryptographic TrainingView analyst called 'Trainingshot', the bitcoin Price has formed a double background Pattern and is on the way to reach a new historical maximum (ATH) of $ 112,000. This possible change in the trajectory occurs after the cryptocurrency experienced a severe price accident that briefly pushed it below the $ 100,000 brand.

bitcoin Price finds a strong support in the double bottom

<a target="_blank" href="https://bitcoinist.com/bitcoin–ethereum-dogecoin/amp/” target=”_blank” rel=”nofollow”>bitcoin's price was blocked Below $ 100,000 earlier this week as an artificial intelligence model (ai) based in China Veteran He gained significant popularity throughout the US investment market. And global, surpassing the Opensei chatgpt. While this decrease was a shock, causing a <a target="_blank" href="https://bitcoinist.com/bitcoin-long-term-holders-actively-selling-coins-new-investors-absorbing-supply/amp/” target=”_blank” rel=”nofollow”>Massive liquidationbitcoin managed to recover more than 50% of his losses in a short time.

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After this severe accident, Trainingshot <a target="_blank" href="https://www.tradingview.com/chart/BTCUSD/c1BsfWp3-bitcoin-Rebounded-on-a-Double-Support-Will-it-continue-higher/” target=”_blank”>revealed That bitcoin had recovered at a double support level, using two strong support lines to avoid more price slip. The analyst shared a detailed price table that highlights several double funds, including one that is formed near the average of 4 hours of movement 200 (4h Ma200).

TO Double background It is a graphic formation that indicates a reversal of potential tendency of a trend lower than a <a target="_blank" href="https://bitcoinist.com/critical-bitcoin-indicator-flips-bullish-on-chain-data-confirms-btc-uptrend/amp/” target=”_blank” rel=”nofollow”>Alcista Trend. It is characterized by two consecutive minimums around the same price level and creates a W -shaped movement.

Looking at the table, the price of bitcoin moves within a Ascending channelindicating a general upward trend. The 4h Ma200 in the orange trend line is a strong double background support level, which bitcoin recently tested for the first time in 12 days.

TrainingShot also mentioned a “pivot trend line” in which bitcoin previously faced the resistance, starting from his <a target="_blank" href="https://bitcoinist.com/bitcoin-bounces-to-ath-for-the-first-time-since-december-analyst-expects-130k-price-breakout/amp/” target=”_blank” rel=”nofollow”>ATH in December 17, 2024. This trend line now acts as a support line for cryptocurrency, since its price has been reversed near it. In particular, bitcoin almost touched the lower part of the January channel, indicating a potential <a target="_blank" href="https://bitcoinist.com/bitcoin-investors-form-key-support-zone/amp/” target=”_blank” rel=”nofollow”>key support zone. This is similar to a pattern in December, where the cryptocurrency bounced in the same support and hit a new ATH.

Key resistance to 4H MA50 – Breakout or rejection?

In the Trainingshot table, the 4H MA50 is indicated in the blue line, acting as a dynamic resistance level for cryptocurrency. Currently, bitcoin is quoted below this Mobile averagewhich means a break above this level could trigger the other way around.

The analyst predicts that if bitcoin breaks above 4h Ma50, could Continue your bullish impulse towards a higher price level between $ 110,000 and $ 112,000. This mass increase Mark a new ATH For the pioneer cryptocurrency, as the highest price that bitcoin has reached is exceeding $ 108,000.

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Supporting this bullish scenario, the highlight of TrainingView Analyst bitcoin Relative Force Index (RSI)which shows overall areas marked in green circles in the table. Every time RSI falls below 30, bitcoin tends to recover, indicating a potential for a strong rebound.

On the contrary, the analyst predicted a bitcoin BENBITIST SCENARIO If you face a rejection around 4h MA50. He predicts that bitcoin could visit the double bottom to $ 98,000, an observed bearish level both on December 23 and January 13. Deeper correction It is expected for this cryptocurrency if it continues in a bearish trend, with the analyst projecting a blockade at $ 96,000.

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