Analyst Explores Bullish and Bearish Scenarios for Bitcoin

Analyst Explores Bullish and Bearish Scenarios for Bitcoin – What You Need to Know

Bitcoin has demonstrated resilience over the last 48 hours, with its price now hovering in the mid-$90,000s following a period of consolidation at around $90,000. Technical analyst Jackis offers a balanced perspective on potential scenarios for Bitcoin's next major movement, particularly in light of short-term consolidation and attempts to break through the $95,000 mark, illustrating clear cases for both bullish and bearish outcomes.

Key Takeaways

Bitcoin has recently risen to around $95,000 after a 3.1% increase in the last 24 hours.
Technical analyst Jackis emphasizes the importance of price action confirmation for both bullish and bearish scenarios.
A breakout above $96,000 might signal a bullish continuation toward $107,000 or more.
A breakdown below the ascending trendline could lead Bitcoin back to April's lows of around $76,000.

Bitcoin

In light of Bitcoin's recent price movements, technical analyst Jackis presents insights on possible future paths for the cryptocurrency. With Bitcoin currently trading above $95,000, both bullish and bearish perspectives deserve consideration, while the actual price movement will ultimately guide traders' decisions.

Analyzing Bullish and Bearish Scenarios

Bitcoin has climbed above $95,000 after a 3.1% rise in just one day. This recent price action suggests a potentially bullish trend. However, traders are advised to rely on the chart for guidance on what comes next. According to Jackis, a crypto analyst active on the social media platform X, merely debating arguments is insufficient since both bullish and bearish narratives present valid points.

Bitcoin

The accompanying chart illustrates that Bitcoin is currently forming an ascending triangle pattern on the 8-hour candlestick timeframe. Similar price action in the past has led to both upward reversals for Bitcoin and bearish continuations for Ethereum.

Jackis, in his analysis, perceives more potential for a downward trend as of now, and until the market provides contrary evidence, the prevailing trend remains bearish. While both bullish and bearish stances have merit, price action must validate these outlooks.

Scenarios for Bitcoin's Price Movement

If Bitcoin breaks out in either direction, the next price movement may occur swiftly, meaning that sticking to one side could be financially detrimental.

From a bullish viewpoint, Jackis notes that a breakout toward $96,000 could confirm a bullish continuation for Bitcoin. A successful push above $96,000 might pave the way for prices to reach $107,000 or beyond.

Conversely, Jackis points out a bearish trigger associated with the rising support line. The price action might appear constructive until the trendline breaks; this point would significantly increase the likelihood of a downward price trend.

Should Bitcoin fall below the lower trendline of the ascending pattern, it may again approach the lows observed on April 24. These April lows represent a time when Bitcoin faced resistance above $106,100 in January 2025 and subsequently entered a multi-month downturn that eventually led to a low near $76,000. Thus, a significant breakdown could transform current price discussions from consolidating around the mid-$90,000s to anticipating a reset.

Bitcoin Bitcoin trading at $95,023 on the 1D chart | Source: BTCUSDT on Tradingview.com