Bitcoin Targets $87K After Double Bottom Breakout; Dogecoin and XRP Bulls Aim to Gain Dominance

Key Points:

• BTC's hourly chart indicates a double bottom breakout, suggesting a potential bullish reversal.

• Price charts for XRP and DOGE show bulls aiming to regain control.

The news cycle has become turbulent for crypto traders due to President Donald Trump's fluctuating tariff announcements. In these scenarios, traders often block out the noise and focus on the price chart, identifying the path of least resistance and following the trend.

For Bitcoin (BTC), the chart has turned bullish, with short-term price patterns showing a shift away from the one seen during the January-February price peak above $109K.

We’re referring to the double bottom pattern, which consists of two consecutive troughs with lows around the same price, signaling the exhaustion of the downtrend. A trendline is drawn through the high point between the two troughs. When the price moves above this trendline, known as the neckline, it confirms a breakout and indicates a shift toward a bullish market trend.

BTC formed a double bottom around $74,600 between April 7 and April 9, with a brief recovery to nearly $80,800 in between. On Wednesday, prices surged above this neckline, confirming the double-bottom breakout.

According to technical analysis, the potential upside move can be estimated by adding the gap between the troughs and the neckline to the breakout point. This suggests a possible BTC rally to $87,000. At the time of writing, Bitcoin was trading at $82,000.

Bitcoin hourly and daily chart (TradingView)

Supporting the bullish outlook is the formation of a "bullish outside day" candle on the daily chart, indicating a potential trend reversal. This candle is characterized by a green body with wicks that fully engulf the negative price movement of the previous day. It signals a strong effort from buyers to regain control and suggests renewed optimism in the market.

However, these bullish signals could be invalidated if prices fall back below $75,000.

XRP and DOGE are also showing signs of recovery. XRP surged by 14.3%, and DOGE saw a 12.7% rise on Wednesday, as Bitcoin's rebound encouraged more risk-taking throughout the broader crypto market.

Both XRP and DOGE formed bullish outside day candles, indicating that bulls are working to reclaim control of the market after a prolonged sell-off. This pattern suggests the potential for further gains in the short term.

XRP and DOGE chart (TradingView)