Bitcoin’s $100K Price Target: Bitcoin saw a significant surge on Tuesday following President Donald Trump’s announcement of a pause on new tariffs for countries that were not retaliating, reigniting bullish sentiment in both the crypto and equities markets. This move sparked renewed optimism among investors, with analysts suggesting that Bitcoin’s long-term price target of $100,000 could once again be “within reach.”
The leading cryptocurrency jumped nearly 9%, reaching the $83,000 mark and recovering much of the losses it had experienced earlier in the week. At the time of writing, Bitcoin (BTC) was trading at $82,423 and approaching a key breakout level according to technical charts.
Falling Wedge Pattern Signals Bullish Breakout
Bitcoin’s recent rally is bringing it closer to confirming a breakout from a falling wedge, a bullish chart pattern that has been forming since December 2024. A falling wedge appears when prices move within two downward-sloping, converging trendlines, signaling a potential breakout to the upside. This pattern typically indicates a reversal in trend, suggesting that Bitcoin could be poised for further upward movement.
- Resistance Level: $83,000 (upper wedge trendline)
- Support Level: ~$71,100 (wedge apex)
- Bullish target for June 2025: $100,000, provided the breakout is confirmed.
If the price fails to break above the wedge, it could result in another pullback within the pattern, potentially reaching the $71,100 level. However, a rebound from this support zone might create a conservative upside target around $91,500.
On-Chain Data Reinforces Bullish Outlook
According to blockchain analytics firm Glass node, Bitcoin’s recent price surge coincides with a crucial on-chain support zone, which lies between $65,000 and $71,000.. This range includes:
- Active Realized Price: $71,000
- True Market Mean: $65,000
These metrics provide insight into the average cost basis of active investors, excluding dormant or lost coins, and are viewed as significant indicators of market sentiment.
Glass node analysts noted, “We are seeing alignment across multiple on-chain price models, which identify the $65K to $71K price range as a crucial zone. A drop below this threshold could likely shift market sentiment to a more negative outlook.”
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Technical Risk: Key Bitcoing Support Levels to Watch
Despite the optimistic outlook, analysts warn that if Bitcoin falls below the on-chain support range, its $100K target could be jeopardized. The next crucial level to watch is the 50-week exponential moving average (EMA), currently at $77,760, which has historically served as a key support during bull markets.
If this level is breached, Bitcoin could decline further toward the 200-week EMA, now around $50,000—an outcome last observed during bear market declines in 2021-2022 and 2019-2020. The recent pause in Trump’s tariffs seems to be a significant macroeconomic factor driving Bitcoin’s rebound, offering temporary relief from concerns about a broader risk-off market environment.
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What’s Next For Bitcoin?
- Confirmation of wedge breakout above $83K
- Continued strength in U.S. equities and macroeconomic stability
- Weekly close above 50-week EMA for bullish momentum
