Bitcoin’s recent price fluctuations have caught the interest of various market analysts’. The cryptocurrency appears to be creating a classic double bottom pattern—a technical indication commonly associated with bullish turnaround. This development occurs at a period of price consolidation, implying that there may be upward momentum in the near future. ​Market sentiment is cautiously hopeful, as traders look for indicators that Bitcoin may retake higher levels after staying firm above critical support zones.

Key Technical Indicators Point Toward Bullish Reversal

According to Coinotag, recent Bollinger Bands analysis indicates that Bitcoin may be forming a long-term bottom, offering a potential signal to traders amid continued market volatility. In an April 10 post on X, John Bollinger—the creator of the Bollinger Bands volatility indicator—shared an optimistic outlook for Bitcoin, offering potential encouragement to bullish investors. Sharing a picture on his post, he wrote “Classic Bollinger Band W bottom setting up in $BTCUSD. Still needs confirmation.”

According to John Bollinger’s assessment of weekly charts, the proprietary “%b” indicator—which measures an asset’s closing price relative to its position within the Bollinger Bands—suggests a possible trend reversal. The %b metric is based on standard deviation calculations around a 20-period simple moving average (SMA), helping identify key shifts in momentum. 

One significant observation is the formation of a possible “W” bottom structure in BTC/USD, characterized by an initial low below zero followed by a higher low on a retest. The double bottom pattern, which resembles a “W” on price charts, forms when two lows are separated by a temporary high. It often indicates a potential reversal from a downtrend to an uptrend, especially once the price breaks above the resistance at the midpoint peak.

As per the analysis done by CryptoDaily, Bitcoin is still in a 4-hour downturn, although recent price movement suggests that this could change. Bitcoin rose 3.4% on Friday morning after momentarily dropping below $80,000 in response to news of a 90-day tariff pause. Crucially, the most recent decline created a higher low, indicating increasing bullish momentum. Most likely, a trend reversal would be confirmed by a breakout over $88,700.

At the time of writing BTC is trading at $82,559. Market stats from Coinbase indicate that the price has risen 0.47% in the past hour and 1.24% over the last 24 hours, despite a slight 0.03% decline over the past week. Its 24-hour trading volume stands at $46.2 billion.

Market Dynamics and Investor Behavior

The connection between Bitcoin and large indexes like the Nasdaq remains an important consideration as investors make their way through the evolving environment. Traders are keeping a close eye on the cryptocurrency and mainstream markets for signs of a definitive reversal of trends, as anticipation suggests ongoing turbulence. If the bull patterns prevail in both areas, Bitcoin can be poised for a dramatic reversal.

A double bottom pattern, if confirmed, could be a major bullish reversal for Bitcoin and trigger new interest from investors.  But caution is advised due to the absence of a clear breakout so far and overall market uncertainty. A sustained move above the middle Bollinger Band could confirm the pattern and signal further upside, so investors should watch for it.