Bitcoin News Today: Bitcoin forms potential perfect bottom amid bullish technical patterns and on-chain signals

Bitcoin is showing signs of forming a potential "perfect bottom," according to recent analysis, with some observers suggesting the cryptocurrency is on the cusp of a major price rebound. After dropping below its 50-day exponential moving average (EMA) temporarily, Bitcoin has retested and bounced above it, reinforcing the idea that this could be a key support level before a breakout. This movement aligns with a classic technical pattern that has historically preceded sharp rebounds, including a 25% surge in June. Analyst BitBull suggests that even a further pullback into the $110,000–$112,000 range could solidify a bullish reversal, potentially setting the stage for a move toward $148,000[1].

In addition to technical indicators, on-chain data suggests that the current price correction could be part of a larger bullish cycle. A large holder, or "old whale," recently offloaded 80,000 BTC in what marks the third major profit-taking wave since the 2023 bull market began. This is seen as a recurring pattern that historically precedes consolidation and eventual price breakouts. The selloff, while significant, is interpreted as a sign that the market may already be discounting the correction, which could be a precursor to renewed accumulation and higher prices.

The ongoing price action is also reinforcing a key inverted head-and-shoulders pattern on the BTC/USD daily chart, with the 50-day EMA acting as the neckline. A successful retest of this level has increased conviction among analysts that Bitcoin could enter a continuation phase of its bullish trend. The pattern’s target aligns closely with the $148,250 level, a figure often cited by analysts as a potential milestone before the end of 2025.

While these developments are being interpreted as positive signals, experts caution that Bitcoin’s volatility remains a key factor. A price target of $148,000 should be regarded as speculative, given the influence of macroeconomic conditions and regulatory uncertainty on the broader market. As with any investment in digital assets, traders are urged to exercise caution and conduct their own due diligence before making decisions based on technical or market sentiment indicators.

Source: [1] Bitcoin dip making 'perfect bottom,' says analyst: Will BTC rally to $148K? (https://coinmarketcap.com/community/articles/688f864ad21e7556b9bbdc4c/)