Bitcoin Approaches $110,000 After Recovering from Weekend Dip

Bitcoin (BTC) has recovered from a weekend dip to $106,600 and is now trading near $110,000, with analysts suggesting it may reach a new all-time high soon.

Potential Surge to $112,000

Analyst ibrahimcosar identifies a bullish "double bottom" pattern on the hourly chart.
This pattern indicates weakening bearish pressure and potential market control by buyers.
First bottom at $106,800 (May 23), second at $106,600 (May 25).
The neckline of this pattern is around $109,000; BTC is currently above this level.
Increased trading volume supports the bullish momentum.
If $109,000 holds, prices above $112,000 are likely.

Double bottoms indicate market readiness for a reversal. Buyers defending the second bottom signal a shift in momentum.

Analyst Ali Martinez highlights a breakout from the recent downtrend, targeting $110,000 and higher.
Bitcoin surged from a local low of $74,508 on April 6 to nearly $110,000, reviving bullish sentiment.
Strong inflows into Bitcoin ETFs suggest renewed institutional interest.
Bitcoin’s open interest has reached an all-time high, supporting continued price momentum.
Whale activity is mixed; some accumulate while others take profits.

Current BTC price is $109,998, reflecting a 2.2% increase in the past 24 hours.