Current technical and on-chain signals suggest a possible rise in Bitcoin's price to $100,000 in the upcoming months.
Bitcoin's Double Bottom Indicates $100,600 Target
Bitcoin's daily chart has formed a classic double bottom, confirming a breakout above the neckline resistance at $87,643. The structure projects a measured move to $100,575 or above.
Momentum indicators like the relative strength index (RSI) support this thesis, remaining in bullish territory.
Bull Pennant Setup and Six-Figure Bitcoin Price
On the hourly timeframe, Bitcoin is consolidating inside a bull pennant pattern, indicating temporary indecision before the next upward movement. The target sits near $100,900.
Bull pennants typically follow sharp rallies and suggest that Bitcoin's price is likely coiling before resuming its upward trend.
Bitcoin Profitability Increases Post-Breakout
As of April 23, 87.3% of Bitcoin's circulating supply was in profit, indicating a significant portion of the supply changed hands at lower levels during the March correction.
Given the current technical signals and increased profitability, Bitcoin may have a chance to reach $100,000 in the near months.
