Bitcoin News Today: Bullish Patterns vs. Geopolitical Storms: Bitcoin's $110k Support Standoff

Bitcoin's recent price action has drawn attention to a critical technical pattern and key support levels, with analysts debating whether the cryptocurrency will rebound following a sharp correction. The asset broke out of a four-year bullish megaphone pattern in November, a formation characterized by higher highs and lower lows, which historically signals a potential parabolic rise. Market analyst Gert van Lagen identified this breakout, projecting price targets of $270,000 to $300,000 by 2025 based on Elliott Wave Theory, which places Bitcoin in Wave (5)-the final and often most explosive phase of an impulse wave Gert van Lagen^[1].

However, Bitcoin faced a sudden downturn in late October after U.S. President Donald Trump announced a 100% tariff on Chinese imports and critical software, triggering a global market sell-off. The price plummeted below $108,000, wiping out nearly $10 billion in leveraged positions within 24 hours and testing critical support levels . Analysts highlighted the $110,000–$112,000 range as a pivotal defense zone, with failure to hold it potentially leading to further declines toward $100,000 The Market Periodical^[2]. Despite the volatility, Bitcoin consolidated above this support band by late October, with some traders noting the asset's resilience amid compressed Bollinger Bands, a technical indicator suggesting imminent expansion The Market Periodical^[2].

The broader context of Bitcoin's trajectory includes comparisons to gold's historical market cap growth. Analyst apsk32 suggested BTC could follow a similar path to $400,000, citing adoption as a treasury asset and institutional confidence, particularly after firms like Intesa Sanpaolo integrated Bitcoin into their holdings Gert van Lagen^[1]. Meanwhile, the recent crash has sparked debates over whether the market is in a correction phase or a deeper bearish shift. Institutional investors remain cautious, with some warning of prolonged volatility until key levels are decisively held or breached .

The interplay between technical indicators and macroeconomic factors underscores the uncertainty. While the megaphone pattern and Wave (5) suggest a bullish bias, geopolitical risks and trade tensions continue to weigh on sentiment. Traders are closely monitoring liquidity maps, seasonal trends, and institutional inflows for signals that could resolve the standoff between bullish projections and bearish risks The Market Periodical^[2].