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Bitcoin (BTC<\/a>) staged a sharp rebound after US President Donald Trump announced<\/a> a pause on tariffs for non-retaliating countries, reigniting bullish momentum and raising hopes for a potential surge toward the $100,000 mark.<\/p>\n On April 9, BTC\/USD surged by approximately 9%, reversing most of the losses it incurred earlier in the week, to retest $83,000. In doing so, the pair came closer to validating a falling wedge pattern that has been forming on its daily chart since December 2024. <\/p>\n A falling wedge pattern forms when the price trends lower inside a range defined by two converging, descending trendlines. <\/p>\n In a perfect scenario, the setup resolves when the price breaks decisively above the upper trendline and rises by as much as the maximum distance between the upper and lower trendlines.<\/p>\n BTC\/USD daily price chart ft. falling wedge breakout setup. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n As of April 9, Bitcoin’s price was confined within the falling wedge range while eyeing a breakout above its upper trendline at around $83,000. If it is confirmed, BTC’s main upside target by June could be around $100,000.<\/p>\n Conversely, a rejection from the upper trendline could raise the likelihood of Bitcoin retreating deeper within the wedge pattern, potentially sliding toward the apex near $71,100<\/a>.<\/p>\n Source: <\/em>Merlijn The Trader<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n If a breakout occurs after testing the $71,100 level, the most conservative upside target for BTC could still be as high as $91,500.<\/p>\n Bitcoin’s rebound appears just before testing a critical onchain support zone between $65,000 and $71,000, reinforcing the cryptocurrency’s bullish outlook toward the 100,000 mark. <\/p>\n Notably, the $65,000-71,000 range is based on two important Bitcoin metrics—active realized price ($71,000) and the true market mean ($65,000). <\/p>\n Bitcoin short-term onchain cost basis bands. Source: Glassnode<\/em><\/p>\n<\/figcaption><\/figure>\n These metrics estimate the average price at which current, active investors bought their Bitcoin. They filter out coins that haven’t moved in a long time or are likely lost, giving a relatively accurate picture of the cost basis for those still participating in the market.<\/p>\n In the past, Bitcoin has spent about half the time trading above this price range and half below, making it a good indicator of whether the market is feeling positive or negative, according to Glassnode analysts. <\/p>\n “We now have confluence across several onchain price models, highlighting the $65k to $71k price range as a critical area of interest for the bulls to establish long-term support,” they wrote in a recent weekly analysis<\/a>, adding: <\/p>\n “Should price trade meaningfully below this range, a super-majority of active investors would be underwater on their holdings, with likely negative impacts on aggregate sentiment to follow.”<\/p><\/blockquote>\nOnchain data supports $100,000 Bitcoin outlook<\/h2>\n