Crypto analyst EGRAG CRYPTO believes Bitcoin may be developing a classic Adam and Eve double bottom on the weekly chart, a technical formation that could pave the way for a rally toward $173,000 if confirmed.
However, the analyst stressed that the pattern remains incomplete and requires several key price levels to be reclaimed before the bullish target becomes realistic.
$83K Identified as the Key Breakout Level
According to EGRAG, the pattern is forming within a major support range between $51,000 and $67,000. The setup features a sharp V shaped recovery representing the Adam bottom, followed by a slower, rounded formation that makes up the Eve bottom.
The neckline of the pattern sits near $83,000, which the analyst considers the most important resistance level.
To validate the structure, Bitcoin must first hold its current support, reclaim the $68,000 level, then secure a weekly close above $83,000 before successfully retesting it as support. If those conditions are met, the analyst believes Bitcoin could advance toward $103,000, then the $120,000 to $126,000 range, with a longer term target of $173,000.
EGRAG also warned that a weekly close below $51,000 would invalidate the entire setup and eliminate the bullish outlook.
Analysts Offer Mixed Outlook
Other market analysts have also highlighted signs of improving momentum.
Ted Pillows noted that Bitcoin’s daily Supertrend indicator has turned bullish. The last time this occurred, Bitcoin gained nearly 15% over the following four weeks. A similar move would place the asset near $76,000 by August.
Not everyone shares that optimism, however. ChartNerd continues to view the current recovery as a countertrend rally, arguing that the 200 week exponential moving average around $68,000 could act as a local top before another decline later in the third or fourth quarter.
Meanwhile, Axel Adler Jr. pointed to improving market conditions beneath the surface. He observed that realized volatility has dropped 31% this month to its lowest level since 2016, while leverage, measured by open interest relative to market capitalization, has declined for 21 consecutive days. According to Adler, this combination makes the recent rebound from the June 30 low less vulnerable to large scale liquidation events.
Markus Thielen of 10x Research also noted rising optimism in the derivatives market. He said implied volatility for Bitcoin and Ethereum options has climbed back to 36% after previously falling to 31%, suggesting traders are increasingly positioning for further upside during the typically quieter summer period.
Bitcoin Holds Near $66K
At the time of writing, Bitcoin was trading close to $66,000, posting modest daily losses but remaining more than 2% higher over the past week and nearly 3% higher over the past month.
The cryptocurrency recently approached the $67,000 mark before retreating, leaving it roughly 47% below its all time high recorded in October 2025.
The latest recovery has been supported by renewed inflows into US spot Bitcoin exchange traded funds after eight consecutive weeks of outflows. Investor sentiment has also improved following progress on the ethics provisions of the CLARITY Act.
Bitfinex analysts have identified the area between $67,900 and $68,300 as Bitcoin’s next major test, warning that a sustained breakout will require strong spot market demand rather than speculative buying.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
