Bitcoin Price Prediction

Bitcoin found support at $105,000 and closed above the descending trend line on Wednesday, breaking the bearish descending triangle pattern and sending out positive signals.

Both moving averages are trending upwards, and the Relative Strength Index (RSI) is in the strong zone, indicating that buyers are in control. BTC/USDT is expected to test the neckline of the reversal head and shoulders pattern, where bulls are anticipated to encounter bearish resistance.

If the bulls hold their ground near the neckline, the probability of a breakout will further increase, with the potential to challenge the pattern target of $150,000.

If the bears wish to curb the uptrend, they need to quickly push the price back below the moving averages. Otherwise, the pair may first retrace to $105,000 and then further down to $100,000.

The price has broken the descending trend line and successfully retested for confirmation, with bulls striving to convert this position into support. The moving averages are upward, and the RSI is in the strong zone, showing clear bullish dominance.

However, the bears will not easily concede. They will focus on defending the range between $110,500 and $111,980. If the price retreats from the upper pressure zone but finds support near the moving averages, it indicates that market sentiment remains optimistic, which will increase the likelihood of breaking through $111,980.

If the price falls back and breaks below the moving averages, the market will shift back to a bear-dominated state.