Amid the larger part of the cryptocurrency market sending mixed signals to traders, Bitcoin (BTC) has just staged a textbook sweep of the lows, and analysts suggest the move could pave the way for a major rally toward $130K.
As it happens, after dipping below $113,000, the world’s largest crypto asset held key support and is now showing early signs of recovery, with popular crypto trading expert Ali Martinez highlighting that BTC’s dip has completed a critical liquidity sweep, according to his analysis in an X post on September 24.
The right shoulder in play
Specifically, this dip seems to have formed the basis for a possible inverse head-and-shoulders pattern. Indeed, should BTC confirm this setup, it projects a breakout that could send the flagship decentralized finance (DeFi) asset all the way to $130,000.
At the same time, crypto analyst Michaël van de Poppe echoed the optimism, noting that Bitcoin’s ability to hold its reclaimed levels is encouraging. As he further explained, it was “a good sweep of the lows for Bitcoin and it holds up,” adding that “breaking the 4H EMA would be great for upward momentum,” pointing to the potential for a strong bounce.
Currently, BTC is changing hands at the price of $112,956.96, indicating a drop of 0.07% in the last 24 hours, as well as declining 2.94% across the previous seven days, but still holding onto the accumulated advance of 1.8% on its monthly chart, according to the latest data.
For now, $112,000 remains the line in the sand, and holding this zone could see buyers step in aggressively to build momentum. The next immediate resistance levels to watch sit around $116,000 and $118,000, and reclaiming these would likely fuel confidence for a push toward new all-time highs.
That said, failing to defend support could reignite downside pressure, and a breakdown below $112,000 might drag Bitcoin toward $109,000 or even lower.
What do you think?
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