Bitcoin: What’s Next After Price Reclaims $104,500?

According to trader Merlijn The Trader, BTC has re-entered a bullish wedge pattern, and pressure is now building for a potential breakout to new highs.

“Fakeout. Re-entry. Next? Breakout,” Merlijn posted, highlighting a classic Bitcoin move that often precedes explosive price action.

Technical Setup Points to Imminent Move

The 12-hour chart shared by Merlijn outlines a breakout wedge pattern, with BTC briefly dipping below support before quickly snapping back into the formation. This kind of price behavior — often referred to as a bear trap — tends to flush out weak hands before a stronger move upward.

The recent price action shows Bitcoin consolidating tightly, setting the stage for a potential breakout toward the $110K–$116K range, as depicted in the trader’s forecast.

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Price Recovers, Market Confidence Rebuilds

As of Saturday, Bitcoin is trading at $104,986, up 1.46% on the day with a market cap of $2.08 trillion, according to CoinMarketCap. Trading volume, however, remains muted at $45.56 billion — a 25% drop in 24 hours — suggesting that larger players may be quietly positioning ahead of the next major move.

Despite recent volatility, Bitcoin continues to show resilience, bouncing off the $103K region and holding key short-term support levels.

The Bigger Picture

This recovery follows a broader sentiment shift in crypto markets, where investors are increasingly looking beyond memecoins and rotating back into high-conviction assets like Bitcoin and Ethereum.

With supply tightening and on-chain accumulation metrics trending higher, the current price zone could serve as the launchpad for the next leg up — if bulls can maintain momentum above $105K.

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