- Bitcoin’s weekly Doji and trendline breakout signal a possible rally, but analysts say confirmation is still needed.
- A 2024 fractal pattern suggests BTC could repeat history and push toward $120K.
- Long-term holders are accumulating BTC while short-term traders take profits, echoing pre-2020 bull market behavior.
Bitcoin recently broke above a descending trendline after finding a local bottom at $100,300 on June 6. On the weekly chart, a Doji candle has formed—a pattern with a small body and long wicks—typically signaling indecision in the market. With sell-side liquidity now absorbed, this could indicate the fading of bearish momentum and set the stage for a possible rally.
However, crypto analyst Jackis urged caution, noting that the Doji alone isn’t enough. He emphasized the need for a clear price breakout above recent highs before confirming a bullish trend. Without that move, any assumptions of an uptrend could be premature.
Fractal Patterns Hint at $120K Upside
Trader Krillin pointed out a repeating fractal from early 2024—right after the approval of Bitcoin ETFs—that resembles today’s price action. That previous setup included a sharp upward “god candle” and triggered a strong breakout. If the pattern holds, Bitcoin could soon jump toward $110,000–$120,000 in a similar move.
These types of fractals, when seen on higher timeframes, have historically proven reliable. With Bitcoin now hovering above $106,000, traders are keeping close watch for a repeat performance.
Bitcoin Holders Take the Wheel
Spot trading volume has plummeted to levels not seen since October 2020, while futures activity remains high. This dynamic suggests many investors are moving into “HODL” mode, similar to what occurred ahead of Bitcoin’s historic bull run later that year.
On-chain behavior reinforces this. Over the past month, short-term holders offloaded around 592,000 BTC—likely taking profits—while long-term holders accumulated 605,000 BTC. This kind of supply shift typically builds the foundation for sustained upward price action.
