Recently, US President Trump announced a suspension of tariffs on some countries. This good news quickly boosted market confidence, and the price of Bitcoin rose to $81,000. Analysts said that if the tariff war ends completely or enters a new cooling-off period, the price of Bitcoin may rise to $100,000 again.
On April 9, the BTC/USD exchange rate soared by about 9%, recovering most of the losses earlier this week. The rebound pushed the price of Bitcoin back to around $83,000, which coincides with the upper boundary of the descending wedge pattern formed since December 2024. This technical pattern is usually regarded as a bullish signal. Once it is broken, it often indicates a reversal of the trend.
The descending wedge is a pattern in which the price range gradually narrows, consisting of two descending and gradually converging trend lines. In technical analysis, this pattern indicates that the market selling pressure is weakening. Once the price breaks through the upper boundary of the wedge, it usually triggers a wave of increases, which is roughly equal to the maximum distance between the two trend lines.
Prior to April 9, Bitcoin prices were still within the wedge structure, but were testing the upper boundary near $83,000. A breakout here could open up space for further gains in Bitcoin prices, with the goal of re-hitting $100,000 in June. However, if the breakout fails and falls back, it could retrace to $71,100 near the apex of the wedge, when it could build momentum again.
The recent rebound in Bitcoin prices coincided with its critical support range of $65,000 to $71,000, which represents the average holding cost of active market participants (excluding coins that have not moved or lost for a long time), which is a good reflection of investor confidence. Combined with the technical bullish wedge pattern, these signals together support the short-term vision of Bitcoin returning to a six-digit price target.
