Bitcoin’s price shows signs of a possible rebound toward the six-figure mark before October, driven by bullish chart patterns and recent market momentum. After recovering from a local low just below $60,000, Bitcoin has gained ground, testing critical resistance around $66,700. This recovery aligns with a broader risk-on sentiment following eased geopolitical tensions, which has lifted multiple global assets.
One of the most notable technical formations is a double-bottom pattern near the $60,000 support level, visible on a three-day chart. This pattern emerges as Bitcoin tested this floor twice—once earlier this year and again during a sharp pullback in June—indicating strong buyer interest at this price point. If Bitcoin decisively breaks above the neckline near $81,000, this could confirm the double-bottom and point to a potential upside exceeding 60%, targeting roughly $108,000 by late summer or early fall.
Further supporting this outlook is a bullish divergence in Bitcoin’s weekly relative strength index (RSI). While price made a lower low near $60,000–$65,000, the RSI hit a higher low, signaling weakening selling momentum. Such divergence echoed Bitcoin’s dynamics in 2022 when a similar pattern preceded a sustained rally. Analysts see this as an indication that Bitcoin may replicate that recovery phase in the coming months.
Still, Bitcoin faces notable hurdles. Key resistance levels include the 20-week exponential moving average (EMA) at about $74,500 and the 50-week EMA near $82,500. Regaining these averages would bolster the case for a strong summer rally towards $100,000. Meanwhile, a weekly close falling below $60,000 would cast doubt on this bullish scenario.
Short-term price action also suggests some caution, as Bitcoin contends with a bear flag pattern. The price currently tests the upper boundary of this flag and the 20-day EMA near $66,700, where rejection could trigger further downside before any sustained recovery confirms. This highlights that despite the positive longer-term setup, risk remains in the near term.