Bitcoin Price Prediction: Bullish Pattern Forms Ahead of US NFP Data

Bitcoin price has retreated for three consecutive days. The token moved from the year-to-date high of $94,515 to the current $89,853. This crash means that it has erased most of the gains made earlier this year. It remains much lower than the all-time high of over $126,200.

Bitcoin Price Has Formed a Bullish Continuation Pattern

The 12-hour chart shows that the Bitcoin price has remained under pressure in the past few days. It has remained below all moving averages and the Supertrend indicators. It’s a sign that bears remain in control.

However, on the positive side, the coin has slowly formed an ascending triangle pattern, a common bullish continuation. This pattern consists of a horizontal line, with support at $94,515. It also has an ascending trendline, which connects the lowest swings since November last year.

The coin’s retreat is likely because it is aiming to test the diagonal side of the ascending trendline. Therefore, the bullish outlook will remain as long as the price remains within the triangle.

Price moves above the $94,516 resistance and signals further gains. It targets the 50% Fibonacci retracement level at $103,528. This view will be confirmed if it moves above that 38.2% retracement point at $98,115.

If it moves above the resistance at $103,528, the coin will rise by about 16% above the current level. However, a drop below the ascending trendline will point to more downside. It could potentially eye the November low of $80,600.

US Non-Farm Payrolls Data Ahead

The next important catalyst for the Bitcoin price will come out on Friday. At that time, the United States Bureau of Labor Statistics (BLS) publishes the latest jobs report.

Reuters economists expect the data to show 64,000 jobs created in December. The economy added 65,000 jobs in November last year.

They also expect the numbers to show that the unemployment rate improved from 4.6% to 4.5%. At the same time, wage growth improved to 3.6%.

These jobs numbers comes a day after a report by ADP showed that the private sector added 55k jobs in December. This was a big jump after they lost 35k jobs a month earlier.

US jobs numbers matter because they directly support the Federal Reserve’s dual mandate. The other key mandate is inflation, which balances employment goals with price stability.

A weak jobs report is often seen as being bullish for Bitcoin and other altcoins. That’s because it may push the Federal Reserve to continue cutting interest rates, especially now that inflation is trending downwards.

The Fed has hinted towards one interest rate cut this year. However, most participants in a Polymarket poll believe that the bank will cut rates twice.

Chances of more cuts rise because Donald Trump plans to replace Jerome Powell. A friendly official takes charge and supports deeper rate reductions.

Polymarket traders expect him to nominate Kevin Hassett, an official who aligns with his policies.

Bitcoin Price Has More Bullish Catalysts

Bitcoin price has more catalysts in the coming weeks or months. One of them is that Strategy continues to accumulate Bitcoin and has room for more purchases in the future. Its at-the-money (ATM) deal has a limit of over $12 billion that it can sell to buy these coins.

Bitcoin may also benefit from the upcoming passage of the market structure bill by the US Senate. Such a move boosts cryptocurrencies by improving regulatory clarity. It divides responsibilities between the SEC and the CFTC.

Bitcoin could also do well now that the gold price soared in 2025. In most cases, gold often rallies, and then Bitcoin follows since some investors see it as digital gold.

In summary, Bitcoin price remains under pressure today after falling in the last few days consecutively. However, the coin has more bullish catalysts that may help to drive it higher in the coming weeks.