Bitcoin has revalidated support around $60,000, prompting forecasts it could test $100,000 again by September.

On June 15, blockchain outlet Cointelegraph reported that Bitcoin's recent rebound pushed it close to $67,000, but short-term resistance and whale selling emerged at the same time, leaving the market needing further confirmation.

Bitcoin fell sharply in June, sliding below $60,000, then rebounded about 13 percent from its low. The move came as risk appetite returned on a preliminary ceasefire between the United States and Iran, which sent oil prices lower and eased short-term inflation worries. On June 15 it neared $67,000, tracking a relief rally across risk assets.

A key point on medium- to long-term charts is the possibility of a double bottom around $60,000. Bitcoin has rebounded twice this year at the same price range. On a three-day candle basis, the first bottom formed after the March low overlaps with the recent rebound that followed the June plunge, which is interpreted as a sign that buyers are defending the same demand zone.

The neckline for this pattern is around $81,000. If Bitcoin breaks above that range on a closing basis, the double bottom would be confirmed, and calculations suggest a move could open toward $108,000 in August or September. That is more than 60 percent above the current price, but the scenario weakens if support at $60,000 breaks.

A bullish divergence between price and the relative strength index (RSI) was also detected on the weekly chart. Bitcoin's price made a lower low in the $60,000 to $65,000 range, while the RSI posted a higher low. That suggests selling pressure pushed the price down, but downward momentum weakened. A similar move appeared near the bottom of the 2022 bear market.

Analyst Jelle said on X, formerly Twitter, "Bitcoin could move similarly to late 2022 over the coming months." Still, on a weekly basis Bitcoin first needs to regain the 20-week exponential moving average at $74,500 and the 50-week exponential moving average at $82,500. The analysis said reclaiming that zone could raise the likelihood of a return to $100,000 in the summer.

Short-term signals remain mixed. On the daily chart, Bitcoin is testing resistance around $66,700, where the upper trend line of a bearish flag meets the 20-day exponential moving average. If it is rejected there, it could retreat toward the lower trend line around $63,600. If the daily close falls below that lower line, it would confirm a breakdown from the bearish flag, and an implied target based on the prior decline is $53,850, about 20 percent below the current price.

Trading volume is also cited as a near-term warning sign. Volume falling while the flag pattern forms suggests the rebound may be a temporary pullback rather than a strong trend reversal.

CryptoQuant analyst Darkfost said whale holdings heading to Binance surged after Bitcoin's correction. Over the past month, daily average inflows to Binance from whales holding more than 100,000 BTC rose to 3,200 BTC, up sharply from 1,200 BTC in late April. Darkfost said, "This flow suggests that many large holders increased selling activity during the recent downturn, or at least strengthened their willingness to sell."

Ultimately, the market is watching both whether support at $60,000 holds and whether Bitcoin breaks above the $66,700 short-term resistance. The double-bottom setup and the weekly RSI signal are lifting the possibility of a medium-term rebound, but whale selling and a short-term bearish pattern remain, leaving the $100,000 scenario needing further confirmation.

Wouldn't surprise me to see $BTC play out similarly to late 2022 in the coming months. Interestingly enough BTC formed a weekly bull div right around here back then as well pic.twitter.com/F9Eb9AAn0C