A trading expert is projecting that technical indicators support a potential Bitcoin ( BTC ) rally toward $110,000 as the asset attempts to recover from the weekend sell-off . Notably, Bitcoin briefly plunged below $100,000 on Sunday following a market-wide decline triggered by a U.S. strike on Iran’s nuclear facility , aligning Washington with Israel in the ongoing Middle East conflict. According to an analysis by TradingShot , the recent drop formed a descending channel similar to the correction between December 17, 2024, and January 13, 2025. In both cases, Bitcoin broke below the 50-day moving average ( MA ) and formed a lower low. The January move led to a sharp reversal that retested the all-time high, the analyst noted in a TradingView post on June 23. Bitcoin price analysis chart. Source: TradingView TradingShot also pointed out that the Relative Strength Index ( RSI ) is once again testing the 41.20 support level, reinforcing the similarity between the two patterns. Given the shorter uptrend since the April 7, 2025, low, the analyst suggested this could be a bull flag, often seen as a continuation pattern within a broader bullish cycle. While a medium-term breakout remains unconfirmed until a weekly candle closes above the record high, T radingShot has set a provisional target of $111,900 for the next potential high. Bitcoin’s short-term play Meanwhile, prominent trader Michaël van de Poppe commented in a June 23 X post that Bitcoin’s reclaim of the $100,000 level marked a possible liquidity grab below prior lows, a bear trap that triggered strong buying interest. Poppe noted that Bitcoin may consolidate in the short term, but a breakout above $102,500 could confirm the end of the correction and spark a renewed rally. He identified $103,800 as a key level for bulls to target. #Bitcoin bounces up swiftly. The second option is filled, peak liquidity taken beneath the low at $100,500 and quick reversal upwards. I think we'll stall for a bit, and once it breaks $102,500, it will likely accelerate upwards and then, the correction is over. pic.twitter.com/d6I12ZMhS7 — Michaël van de Poppe (@CryptoMichNL) June 23, 2025 Bitcoin price analysis At press time, Bitcoin was trading at $101,260, down 1.4% on the day and over 3% on the weekly chart. Bitcoin seven-day price chart. Source: Finbold The main challenge now is staying above $100,000; dropping below this level could expose Bitcoin to further downside risk toward $80,000 . Featured image via Shutterstock The post Analyst sets Bitcoin’s next short-term high target after weekend sell-off appeared first on Finbold .
