Bitcoin beats gold, surge to $100,000 in play: Crypto Daily

BTC’s move above $80,000 has triggered a “double-bottom breakout,” a technical analysis pattern confirming a bullish trend and opening the door for a rally to $100,000, according to Jurrien Timmer, director of global macro at Fidelity Investments.

"Bitcoin is looking particularly interesting here as it challenges key resistance at $80k. If it breaks it will confirm a double bottom targeting $100K," Timmer wrote on X on Friday.

A double bottom looks like the letter W on a price chart. The price drops to a low, bounces, falls back to roughly the same level, then rises again. The two dips show buyers stepping in at the same price twice. The peak in the middle of the W acts as resistance. A break above it suggests sellers have run out of steam and a new uptrend may be starting.

Timmer's chart shows bitcoin's two lows this year at $60,033 and $57,742, with the middle peak near $82,800.

Chart patterns are not guarantees. Breakouts often fail, reversing quickly and trapping buyers who chased the move.

Still, the bullish setup is consistent with options traders positioning for more gains. The $90,000 call is the most popular bitcoin options bet on crypto exchange Deribit, with $2.45 billion in open interest. The $95,000 call follows with $2.33 billion, and the $100,000 call holds $1.79 billion. A call gives the buyer the right to buy at a set price and profits when the market rises above it.