Bitcoin reversal hopes rise on W-pattern and ETF inflows

Analysts spot a W-shaped reversal in Bitcoin, with on-chain data and ETF inflows supporting optimism. Bitcoin holds above $60,000, signaling a possible market bottom and trend reversal.

Bitcoin is attracting renewed attention as analysts, including John Bollinger, point to a W-shaped reversal pattern emerging in its price charts. This double bottom formation is viewed as a potential signal for the end of the downtrend that began in late 2022 or October 2023, depending on the source. Bollinger highlights that the current price structure closely aligns with the lower band of the Bollinger Bands indicator on both daily and weekly time frames. He describes the pattern as fractal, featuring smaller W and M shapes within the larger formation. On-chain data from CryptoQuant and Glassnode further support the possibility of a market bottom, with the realized profit and loss ratio at a 43-month low—a level historically linked to major bottoms. Meanwhile, Bitcoin remains above $60,000, and U.S. spot Bitcoin ETFs have recorded their first net inflows in ten days, signaling a potential return of institutional interest. These technical and on-chain signals are fueling optimism for a trend reversal despite ongoing market pressure.