Bitcoin Targets $100,000 Rally, Analysts Bullish on Reversal

Crypto analyst Madden has suggested that Bitcoin could potentially rally above $100,000, offering a bullish outlook for the leading cryptocurrency. His analysis provides insights into the future trajectory of Bitcoin and how it might reach this significant price level.

Madden's analysis, shared on TradingView, indicates that Bitcoin is poised for a rally above $100,000, with a potential bullish reversal on the horizon. The accompanying chart highlights key price targets at $91,700, $102,700, and $109,356, with the latter representing a new all-time high for Bitcoin.

Madden's chart analysis includes important levels and patterns to confirm the reversal. On the daily chart, he identified a Deep-Crab harmonic and Wolfe wave pattern to pinpoint reversal points. The Deep-Crab pattern suggests that Bitcoin likely bottomed out at $76,600, with the reversal now in progress.

Additionally, Madden referenced the CME daily chart for Bitcoin, noting a daily retest of the 200-day moving average and the filling of the CME gap between $77,000 and $80,000. This indicates that Bitcoin is unlikely to drop to those levels again. Furthermore, Bitcoin is currently trading above the 2022 and 2024 top support lines.

Looking ahead, Madden provided a roadmap for Bitcoin's future price movements. His chart suggests that Bitcoin could reach around $125,000 by the end of the current market cycle. This projection aligns with previous suggestions from crypto expert Willy Woo, who described this target as conservative.

The chart also indicates that Bitcoin could enter a bear market by 2026, with prices potentially dropping from the projected peak of $125,000 to as low as $40,000 before the end of that year.

Currently, the focus of market participants is on the potential bullish reversal of Bitcoin. Crypto analyst Ali Martinez noted that Bitcoin is breaking out, with a target of $90,000 as long as the $84,000 support holds. Crypto whales have already started positioning themselves for this potential reversal, having purchased over 20,000 BTC in the last 48 hours.

At the time of writing, Bitcoin is trading at approximately $84,500, marking a more than 3% increase in the last 24 hours.