Bitcoin is forming an Adam and Eve double bottom on its weekly chart, a pattern that could target $173,000 if confirmed by a decisive weekly close above $83,000, according to analyst EGRAG CRYPTO. The setup, which is not yet confirmed, requires holding current support near $51,000 before reclaiming $68,000 and breaking the $83,000 neckline. However, a weekly close below $51,000 would invalidate the entire pattern. Bitcoin traded near $66,000, up over 2% in the past week, with analysts split on whether the current rally is sustainable or a countertrend move before a final drop later in the year.
Bitcoin is forming an Adam and Eve double bottom on its weekly chart, according to a Wednesday post by analyst EGRAG CRYPTO. The pattern, though not yet confirmed, could open the door to $173,000 if it plays out.
The setup hinges on a decisive weekly close above $83,000, followed by a retest that holds that level as new support. According to the analyst’s roadmap, the double bottom is forming inside the $51,000 to $67,000 support band.
“$83K is the gateway,” wrote the analyst. “Break it, hold it, and the Adam & Eve structure can trigger the next major expansion.” He warned that a weekly close below approximately $51,000 would invalidate the whole setup.
Other traders offered their own views. Ted Pillows pointed to Bitcoin’s daily Supertrend flipping green, noting that the last time it did, Bitcoin gained almost 15% in four weeks. However, ChartNerd called this rally a countertrend move back in April, arguing the 200-week EMA near $68,000 could be the local top before a final drop into late Q3 or Q4.
A separate note from Axel Adler Jr. added that realized volatility has fallen 31% this month to its lowest since 2016. Leverage, measured by open interest against market cap, has declined for 21 straight days, a combination he says makes the current bounce of more than 11% off the June 30 low less prone to a forced liquidation cascade.
Meanwhile, Markus Thielen reported for BIT that implied volatility on Bitcoin and Ethereum options has climbed back to 36% after dropping from 44%. He read this as rising demand for upside calls heading into the usually quieter summer months.
Bitcoin was trading near $66,000, down slightly on the day but up over 2% in the past week. Data shows the asset came within touching distance of $67,000 before being dragged back, putting it about 47% below its all-time high from October 2025 when it went past $126,000.
The bounce has come alongside a resumption in inflows for spot Bitcoin ETFs, after eight weeks of outflows, as well as improved sentiment following progress on the CLARITY Act’s ethics language. Bitfinex has flagged $68,000 as the next test, noting a reaction zone between $67,900 and $68,300 where short-term holders may look to sell.
