Bitcoin is hovering at a critical support level that could determine the direction of its next major move. According to recent technical analysis, the cryptocurrency is forming a rare Butterfly Harmonic Pattern a precise, Fibonacci-based formation that, if completed, could send BTC soaring toward $113,000 in the coming weeks.
Following a corrective pullback from its recent quarterly highs, Bitcoin (BTC) has found itself consolidating near the $104,600 support zone a level with deep technical significance. Though some market participants see this pause as a sign of uncertainty, experts argue it’s setting up for a powerful continuation move within a broader bullish trend.
Strong Technical Confluence at $104,600
The $104,600 level isn’t just another price point. It represents a high time frame support zone with multiple layers of confluence:
- Point of Control (PoC) from volume profile analysis
- VWAP-based support/resistance (SR) zone
- The 0.618 Fibonacci retracement level from the previous upward leg
This technical confluence gives the support level added strength and credibility as a possible launchpad for the next bullish wave.
Butterfly Harmonic Pattern In Play
Bitcoin’s recent price action fits neatly within the rules of the Butterfly Harmonic Pattern, a structure that relies on mathematical symmetry and Fibonacci ratios. The pattern is currently completing leg C, which has tapped perfectly into the golden 0.618 retracement zone the ideal range for a bullish pivot.
With proportional symmetry confirmed and all key harmonic ratios intact, Bitcoin is showing a textbook Butterfly setup that now awaits confirmation via lower-timeframe bullish signals.
“If the $104,600 support holds and momentum shifts upward, Bitcoin would likely begin forming leg D of the Butterfly targeting the $113,000 zone as the pattern’s projected completion point,” analysts noted.
Why This Setup Matters
The Butterfly Harmonic is not just any chart pattern. It’s renowned for:
- High accuracy when properly aligned
- Its use in predicting exhaustion points and reversal zones
- Reliability during technical pullbacks within broader uptrends
Importantly, Bitcoin has not broken its macro bullish structure, making the current pattern even more compelling for bulls. As long as price holds above the $104,600 threshold, the case for continuation remains firmly intact.
What Traders Should Watch Next
- Short-term bullish confirmation (e.g., higher lows, bullish engulfing candles, or RSI divergence) could signal the start of leg D.
- If confirmed, the next major move would target the $113,000 region, aligning with both harmonic projections and historical market structure.
Should the pattern play out fully, this would not only confirm the effectiveness of harmonic analysis but also mark a major milestone in Bitcoin’s 2025 bull cycle.
Bitcoin’s pause at $104,600 might just be the calm before the next breakout. The emergence of a rare Butterfly Harmonic Pattern, combined with deep technical support and broader bullish momentum, points to a potential move toward $113,000. While confirmation is still pending on lower timeframes, the current setup offers one of the most technically sound bullish cases for BTC in recent months.
Investors and traders alike should monitor price behavior closely around this support zone as the next few days could define Bitcoin’s trajectory well into Q3.
