Bitcoin price has bounced back above the $110,000 mark after dipping to last week’s low of $103,660. Some analysts now believe the bottom might be in, with a fresh leg higher potentially in play.
Summary
- Bitcoin price has reclaimed $110k as macro pressures cooled over the weekend.
- Some analysts believe BTC price has bottomed out and an upside rally may resume.
- Bearish arguments project a deeper correction below $100k.
According to data from crypto.news, Bitcoin (BTC) is up 3.1% over the past 24 hours, reclaiming the $110k level after flipping $107k into support. As of Oct. 20 morning (Asia time), BTC was trading around $110,430. This upward move helped lift the broader crypto market, pushing the total market cap back above $3.8 trillion.
One likely reason for the bounce is that investors have started buying the dip after a sharp correction across the board, with many altcoins dropping more than 20% from their monthly highs.
The broader market sentiment also appears to be improving on hopes that the escalating U.S.–China trade tensions could cool down in the coming days. U.S. President Donald Trump is expected to meet Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit in South Korea later this month.
Ahead of that meeting, U.S. Treasury Secretary Scott Bessent and China’s Vice Premier He Lifeng are scheduled to hold talks in Malaysia, a move seen as a step toward de-escalation.
A breakthrough in negotiations would likely be seen as bullish for both crypto and traditional markets. Not only would it ease geopolitical tensions that triggered a wave of forced liquidations earlier this month, but it could also help tame inflationary pressures. That, in turn, could support the Federal Reserve’s pivot toward easing.
Fed Chair Jerome Powell struck a dovish tone in his recent speech, hinting that the Fed’s balance sheet runoff, quantitative tightening, may be nearing its end, and that at least two more interest-rate cuts remain on the table.
After Bitcoin’s strong rebound back above $110k, several analysts are calling the bottom in. Popular trader CryptoPulse pointed out that $104,000 has held firm as the floor for this pullback, calling it “the clear bottom for this dip.” In their view, the next major move is likely a climb toward $150,000, a level they describe as the “final leg everyone’s been waiting for.”
Technical setups also appear to support this outlook. As seen in a chart shared by FriedrichBtc, Bitcoin’s daily RSI had slipped into oversold territory just before the bounce, often viewed as a signal that selling pressure is exhausted. Friedrich believes $135,000 is the next key level to watch, now that buyers have stepped in near support.
Both analysts emphasize that now may be the ideal time to position ahead of a breakout.
“Don’t wait until it’s running — set up now while it’s still calm,” wrote CryptoPulse.
The chart setups shared by both traders suggest a textbook trend reversal with higher lows beginning to form just above the $104k region. Based on their projections, BTC will gradually climb through the $120k and $130k ranges before eventually making a move toward $135k to $150k in the coming weeks, assuming macro conditions remain favorable.
However, not all analysts agree about the sustainability of Bitcoin’s latest bounce. Among that cohort is fellow trader and analyst Captain Faibik, who remained cautious, warning that while the short-term setup may look bullish, the bigger picture is still shaky.
In his latest X post, he stressed that the broader uptrend could be running out of steam as BTC was still trading within a rising wedge pattern, a structure that historically breaks to the downside.
Faibik acknowledges that bulls are still in control for now, especially with BTC holding above the weekly 50-day moving average.
“The Bitcoin bull run is over, and now late buyers are likely to get trapped,” the analyst wrote.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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