In his analysis, Thomas enlightens his audience about the current Bitcoin price situation and the potential for a pullback. This situation begins with a breakout after a drop towards $100,000, followed by a strong rebound. The digital currency managed to swiftly bridge multiple fair value gaps on 4-hour timeframes to secure its position above $110,000.

According to the crypto analyst, this movement has instigated a positive sentiment shift, accompanied by increasing trading volumes and impulsive candles, painting a largely bullish picture for Bitcoin. However, a price drop risk still looms.

Believing that an established pattern has been set for Bitcoin’s price, Thomas expects a similar trajectory, involving a quick rise followed by a brief pullback and a subsequent continuation. This pattern, termed by Thomas as “a classic breakout-fill-continue sequence”, is likely to repeat itself.

The recent Bitcoin price rally above $110,000 has seemingly left a fair value gap below $107,000, which Thomas predicts will need to be filled. If this turns out to be true, the price rally might halt until this condition is met. However, a pullback to this level will not necessarily be bearish but instead, could provide a launchpad for the price recovery.

The crypto analyst anticipates this pullback to drag the price down below $105,000, reaching as low as $104,000 territory before the next upward bounce. This implies a 5% pullback, which could be detrimental for altcoins based on this year’s trends.

Despite this, the major takeaway is Bitcoin’s sustained bullishness. Once the fair value gap is filled, a strong upward push is anticipated, potentially leading to new all-time highs. “I’m expecting a controlled retracement to fill the new 4H imbalance, after which price could continue pushing toward the major resistance area. The momentum is clean and structured—until that changes, continuation remains the more likely path,” stated the analyst.

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In a recent TradingView post, Madden suggested that Bitcoin’s price could potentially surge past $100,000, with a reversal appearing probable. The accompanying chart displayed potential price targets of $91,700, $102,700, and $109,356 that BTC could reach as it bounces back. A rally to $109,356 would set a new all-time high (ATH) for the premier cryptocurrency.

Madden referred to several charts depicting key levels and pertinent patterns to verify the reversal of Bitcoin’s price. He pointed out a Deep-Crab harmonic and Wolfe wave pattern on the daily chart to pinpoint the reversal points. The Deep Crab pattern indicated that BTC likely reached its nadir when it hit $76,600, signaling the start of the reversal.

Furthermore, Madden referenced the CME daily chart for Bitcoin’s price. He noted a daily recheck of the 200-day moving average (MA) and an already filled CME gap between $77,000 and $80,000, implying that there’s no reason for BTC to fall that low again. The crypto expert also mentioned that BTC is currently above the 2022 and 2024 top support line.

Madden shared an anticipated roadmap and future prospects for Bitcoin’s price. His chart suggested that the leading crypto could peak at approximately $125,000 in this market cycle. The chart predicted this price target would be attained by the year’s end. Crypto authority Willy Woo previously proposed this target, describing it as a conservative estimate.

The chart also forecasted that Bitcoin’s price might plunge into a bear market by 2026, falling from the estimated peak of $125,000 to a low of $40,000. This price reduction to $40,000 could occur before the end of 2026.

In the interim, the bullish shift for Bitcoin’s price is the primary concern for market participants. Crypto analyst Ali Martinez noted that BTC is on the rise, setting a target of $90,000, contingent on maintaining the $84,000 support.

According to Martinez, crypto whales have already positioned themselves for the potential bounce-back of Bitcoin’s price to $90,000, purchasing over 20,000 BTC in the last two days.

As of press time, Bitcoin’s price is hovering around $84,500, marking an increase of over 3% in the past 24 hours, based on data from CoinMarketCap.

The post Will Bitcoin Soar Past $100,000 Once More? Future Predictions Based on Chart Analyses appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.