Key point:
Bitcoin is finding support at $107,245, showing investor sentiment remains positive, and every minor dip is being purchased.
Bitcoin ( BTC ) is attempting to bounce off the moving averages, indicating buying on dips. Although the price is just below the all-time high of $111,980, it is not yet in the overvalued zone . CryptoQuant contributor Axel Adler Jr. said in a post on X that the Mayer Multiple at 1.1x was “within the neutral zone (0.8–1.5х).”
Could Bitcoin break out of its all-time high, resuming its uptrend? Let’s analyze the charts to find out.
Bitcoin price prediction
Bitcoin is being squeezed between the 20-day exponential moving average (EMA) ($107,314) and the overhead resistance of $110,530.
The upsloping 20-day EMA and the relative strength index (RSI) in the positive zone signal that the break may happen to the upside. If the $110,530 resistance is scaled, the BTC/USDT pair could challenge the all-time high at $111,980 and later the neckline of the inverse head-and-shoulders pattern.
Sellers are expected to fiercely defend the neckline because a break above it will complete the bullish setup. That opens the doors for a potential rally toward the pattern target of $150,000.
This optimistic view will be invalidated in the near term if the price turns down and breaks below the 50-day simple moving average (SMA) ($106,642). That could tempt short-term buyers to book profits, pulling the pair to $104,500 and then to $100,000.
Related: Bitcoin price gained 72% and 84% the last two times BTC holders did this
The pair is finding support at $107,245, indicating that every minor dip is being purchased. If buyers drive the price above the downtrend line, the developing descending channel pattern will be invalidated. The failure of a bearish pattern increases the possibility of a break above $110,530. If that happens, the pair may climb to $111,980 and subsequently to $113,500.
Instead, the bearish setup will complete if the price turns down and breaks below $107,245. That could sink the pair to the pattern target of $103,960.
