Bitcoin Price Surges 4% to $116,000 Amid Dovish Fed Comments

The Bitcoin (BTC) market experienced a 4% price increase on Friday, now trading above $116,000, following dovish comments from US Federal Reserve Chairman Jerome Powell. This recovery has revived bullish sentiments among analysts.

Key Insights from Recent Price Movement

Bitcoin bounced off the lower boundary of a long-standing ascending channel, known as the "Wall of Worry."
This support zone has been effective since November 2023.
Immediate technical target is around $144,000, indicating a potential 24% rise from current levels.
If bullish momentum continues, resistance may be near $183,000.
A break below the ascending channel could lead to a drop towards the $95,000–$100,000 range.

Market Performance Overview

Currently, Bitcoin trades at $115,641, reflecting a 3.21% gain in the last 24 hours and a 38.78% increase in daily trading volume, reaching $80.33 billion. However, Bitcoin shows losses of 1.76% weekly and 1.94% monthly.

Future Projections

Analyst Jordan Pivato predicts the current market cycle peak on October 21, 2025, based on historical trends.
The ongoing cycle is expected to last 550 days, slightly longer than the previous cycle.
Historically, October has been Bitcoin's most bullish month, with average gains of 46.72% and a median increase of 10.82% over the past twelve years.