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Statements by U.S. President Donald Trump regarding trade tariffs have caused fluctuations in global markets, including the cryptocurrency sector. In search of a more stable foundation amidst the news flow, market participants are closely analyzing price chart formations. The double bottom pattern forming in Bitcoin has strengthened expectations for an upward trend. Similar movements in other major cryptocurrencies suggest the potential impact of this technical signal could extend further.
Bitcoin’s Double Bottom Pattern Gains Traction
The double bottom formation observed in Bitcoin’s short-term charts is regarded as a strong reversal signal in technical analysis. Between April 7 and 9, Bitcoin (BTC) 
$110,972 reached approximately $74,600 twice, and after a recovery, it climbed to $80,800, subsequently managing to break past the neckline of the formation. This movement indicates that the technical pattern has been confirmed, drawing investors’ attention to potential target levels.
Currently trading around $82,000, technical analysis experts indicate that projecting the distance between the neckline and the bottom points onto the price chart could make a target of $87,000 feasible. However, these same experts caution that if the price falls below $75,000, the bullish scenario could be invalidated. Hence, despite the optimistic outlook presented by the formation, a cautious approach is being maintained.
Positive Movements in Other Cryptocurrencies
The technical formation seen in Bitcoin seems to have positively influenced other major cryptocurrencies as well. Notably, the appearance of a “bullish outside day” candlestick pattern in daily charts indicates an increase in buying pressure within the market. This pattern encapsulates all negative price movements from the previous day, giving way to a green candlestick, suggesting that buyers are asserting their weight in the market and overall sentiment is improving.
Among the cryptocurrencies leading the rally are payment-focused XRP and the popular DOGE. XRP has gained 14.3%, while DOGE recorded a 12.7% increase. These rises reveal that the technical signals from Bitcoin could be strong enough to affect the broader market. However, market participants are maintaining a cautious stance despite this positive atmosphere.
The momentum Bitcoin has gained from this formation may create a ripple effect on other pairs. However, sudden fluctuations in short-term movements could overshadow the upward signals. Therefore, data analysis and monitoring of charts have become more crucial for investors now than ever before.
