Bitcoin (BTC) Bounces Back After Steep Decline, Reaching $105,000 and Signaling a Strong Rebound.

After a steep decline earlier this year, Bitcoin has bounced back. It dropped from a January peak of $109,000 to below $75,000

After a steep decline earlier this year, Bitcoin (BTC) has bounced back strongly, gaining over 40% since mid-April to hit $105,800.

The world’s largest cryptocurrency dropped from a January peak of $109,000 to below $75,000 by mid-April, hitting a low of $74,600. Since then, it has recovered to new yearly highs of $109,000, signaling a strong rebound.

Over the past week, Bitcoin has moved in a tight range between $101,000 and $105,000. This small 0.50% gain follows a 10.7% price jump seen in early May. As the market enters another short pause, traders appear to be exercising caution.

Analyst Trader Tardigrade shared a post on X suggesting that Bitcoin could soon reach $115,000. According to the analyst, the coin has formed a repeating pattern of rising $10,000 followed by seven to ten days of sideways movement before the next jump.

This behavior has occurred several times already: from $75,000 to $85,000, then to $95,000, and again to $105,000. The $10,000 steps and brief cooling-off periods suggest a solid uptrend. If this continues, the next leg could see Bitcoin reach $115,000, which is a 10.57% increase from current levels.

These pauses aren't random; they allow traders to reset and often turn into support levels. This structure helps hold gains and creates a stable path upward. The pattern also reassures buyers, showing that the price is climbing with healthy breaks.

Bitcoin is "climbing steadily, with intervals of around 10k in each consolidation." added the Tardigrade.

Beyond short-term charts, some analysts are looking to longer cycle models such as the Golden Ratio Multiplier. Interest in the model surged in 2021 after it accurately signaled a market peak.

Prominent market analyst CryptoCon shared an update on X about the multiplier model's latest signal. According to his analysis, the current Bitcoin cycle already reached a significant level in March 2024, which is interpreted not as the final peak but a temporary high point.

"We've already hit our cycle top level this cycle once, but this was for the cycle mid-top in March 2024, which means we're bound to do it again."

The model relies on Fibonacci-based levels aligned with Bitcoin's long-term moving average. Historical data shows past cycle peaks occurred at Level 10 in 2011, Levels 9 and 8 in 2013, Level 7 in 2017, and Level 6 in 2021. Forecasts now place the next ceiling at Level 5.

Projections place Level 5 near $160,000. CryptoCon observed a close resemblance between the current structure and Bitcoin's performance from 2015 to 2017, marked by a gradual rise followed by a sharp rally.

At present, Bitcoin trades above $103,000. Market behavior and chart signals both point to a phase of quiet accumulation, potentially setting up for a rapid upward move. CryptoCon described the setup as a slower build-up likely to be followed by an abrupt surge.

"Slower buildup, then all at once!" noted the analyst.

The post Bitcoin Price Reaches $103K As Quiet Accumulation Sets Up For A 'Rapid Upward Move' appeared first on Benzinga.