Bitcoin Aims to Reclaim $100,000 As Market Patterns Resemble 2021-2022

Over the past week, Bitcoin has experienced heightened volatility, as its prices have fluctuated dramatically. According to data from CoinMarketCap, the leading cryptocurrency has lost support around the $90,000 mark but has consistently garnered strong buying interest around $85,000. This dynamic has established a volatile trading range between both price levels. Despite a recent uptick, there remains considerable uncertainty among investors, attributed to a broader correction trend that has persisted since early October. Market analyst Ted Pillows has highlighted some historical data that may help investors navigate this uncertain landscape.

Key Takeaways

Bitcoin's price is currently fluctuating between $85,000 and $90,000, with strong buying interest seen near $85,000.
Market analyst Ted Pillows suggests that Bitcoin could replicate the 2021-2022 market pattern and aim for a price of $100,000.
The head-and-shoulders pattern indicates potential price declines, with estimations suggesting Bitcoin could drop to $65,000 or even $70,000 following a spike to $100,000.
Bitcoin's current trading price stands at $88,168, marking a 3.16% gain in the last 24 hours, but trading volume has declined significantly.
A transfer of over 11,000 BTC to exchanges this week highlights increased selling pressure among investors.

Bitcoin

Is Bitcoin Destined for $100,000?

In a post on X (formerly Twitter) dated December 19, Pillows provided a technical analysis of Bitcoin’s price structure, predicting significant short-term market gains. The market expert suggests that Bitcoin is currently resembling a market setup similar to that of 2021-2022, indicating that the cryptocurrency may soon reach the $100,000 mark. As depicted in Pillows' chart, he highlights that Bitcoin appears to be forming a head-and-shoulders pattern. The left shoulder formed after Bitcoin peaked at $110,000 in January 2025, followed by a rally to a new all-time high of $126,100 in October, which constituted the head.

Bitcoin
Source: @TedPillows on X

Notably, this head-and-shoulders pattern was similarly observed during the 2021-2022 cycle, when prices peaked at $63,600 (left shoulder) in April 2021, reached $69,100 (head) in November 2021, and dropped to $48,433 (right shoulder) in March 2022. Currently, Bitcoin appears to be in the final corrective phase ahead of the formation of the right shoulder, expected to develop near the $100,000 level, suggesting a potential 13.6% upside in the coming days.

However, it’s essential to recognize that the head-and-shoulders pattern is typically considered bearish, indicating that its completion could trigger a significant price decline similar to what was observed in the 2021-2022 cycle, when Bitcoin's price halved, reaching lows of around $22,000. While Pillows predicts a potential drop of about 35% after hitting the $100,000 mark, suggesting a possible floor of $65,000, others have pointed out that Bitcoin could be vulnerable to further declines, with cautious forecasts estimating a drop to around $70,000.

Current Bitcoin Market Overview

As of this writing, Bitcoin was trading at $88,168, reflecting a 3.16% increase over the past 24 hours. Concurrently, the daily trading volume has decreased by 14.81%, amounting to $44.83 billion.

Notably, investors transferred over 11,000 BTC to exchanges this week, signaling significant selling intentions amid recent price fluctuations. Crypto analyst Ali Martinez reported that the BTC exchange balance has shifted from 2.753 million BTC to 2.764 million BTC, representing 13.84% of the total circulating supply.

Bitcoin
BTC trading at $88,256 on the daily chart | Source: BTCUSDT chart on Tradingview.com