Key Points:
Bitcoin surged above $111,000 on Monday, benefiting from improved macro conditions and the potential for a U.S.-China trade agreement.
Technical analysis shows a bullish flag pattern target for Bitcoin prices between $186,000 and $192,000.
Driven by improved macroeconomic conditions, investor confidence has returned, allowing Bitcoin to regain the $111,000 mark during Monday's European trading session.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin's price peaked at $114,300, with a 24-hour increase of 4%, rising 7.6% from Friday's low of $103,530.
Other major cryptocurrencies also followed Bitcoin's lead, with Ethereum rising 4.6% to reclaim the critical $4,000 level.
XRP, Solana, BNB, and Dogecoin saw price increases between 3% and 5% over the past 24 hours. The global cryptocurrency market cap rose by 4.6%, reaching $3.78 trillion.
The improvement in the macroeconomic environment has driven Bitcoin's recent rebound.
The easing of U.S.-China relations and the increased likelihood of a trade agreement have positively impacted cryptocurrency prices.
Previously, cryptocurrency prices had fallen due to macroeconomic news and concerns over bad loans at U.S. regional banks.
Additionally, the CME Group FedWatch tool indicates that market participants expect a 99% probability of a 25 basis point rate cut at the FOMC meeting on October 28-29, which would lower rates to between 3.75% and 4%.
Federal Reserve Chairman Jerome Powell recently hinted that quantitative tightening (QT) may end soon, potentially as early as January 2026. This could release more liquidity, echoing the surge in cryptocurrency prices in 2021.
From a technical perspective, Bitcoin's latest rebound on Monday was driven by bullish signals from the RSI indicator. The daily momentum indicator fell to its lowest point since April, while a clear bullish divergence appeared on the four-hour chart, with BTC/USD forming higher lows at the 15-week low of $103,500.
This indicates that selling pressure is gradually weakening, and traders are actively positioning themselves at lower levels.
The macro environment further strengthens Bitcoin's performance in a high cycle, with two-week candlesticks showing multiple bullish flags pointing to higher target prices.
The first flag's theoretical target price is $192,000, while the second flag is expected to reach $186,000.
The third is a small flag formed since March of this year; if the price breaks above the flag's upper edge at $115,000, this pattern will be confirmed, with further upside potential to $192,000, consistent with the aforementioned targets.
Analyst Mags shared a similar but more bullish view, stating that Bitcoin could continue to rise within an ascending channel on the weekly chart, peaking in the $250,000 to $290,000 range.
Another analyst, Aksel Kibar, has a more conservative target for Bitcoin, indicating that the inverse head and shoulders pattern is still in play, with a measured target of $141,300.
According to Cointelegraph, Bitcoin closed the week above $108,000, indicating that bulls are ready to restart the upward trend, reclaiming key support levels.
Related: Polygon head says he has been "questioning his loyalty to Ethereum (ETH)"
Original: “Bitcoin (BTC) Rises to $111,000—Classic Chart Pattern Suggests Further Gains of 70%”
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