Bitcoin's next major move may already be taking shape, with a popular crypto analyst pointing to a classic bullish chart pattern that could set the stage for a breakout toward $100,000 before the United States midterm elections.
Bitcoin's “Textbook†Bull Flag Points to $100K Rocket Surge
In a post on X, trader Will Meade observed that Bitcoin's current price action is forming a “textbook high and tight flag,†a technical setup often associated with consolidation after a strong upward move. Rather than viewing the recent sideways trading as a sign of weakness, the analyst suggests Bitcoin could be using the phase to build momentum for its next parabolic move.
According to Meade, Bitcoin could continue chopping sideways in the near term before a potential breakout arrives in October, a period crypto market participants often call “Uptober.†The expectation is that renewed buying pressure could push BTC out of its current range and trigger a broader rally.
The trader is betting on a sharp move higher, with Bitcoin potentially reaching $100,000 before the U.S. midterm elections.
Bitcoin is up 5.5% on the day, trading at $80,928 after opening at $76,350 and reaching an intraday peak of $81,212. The cryptocurrency also briefly dipped to $76,205, highlighting the sharp volatility behind the latest rebound. Despite the recovery, Bitcoin remains 35.8% below its previous all-time high, underscoring how much ground the market still has to regain.



 
Bitcoin's recent rebound follows a volatile stretch. The Clarity Act's failure to advance through a Senate procedural vote earlier in the week sent BTC below $75,000, but sentiment began to recover after the Federal Reserve hiked interest rates for the first time since 2023. The recovery has since gathered momentum, with traders once again watching the $100,000 level after the bill's defeat initially fueled a sharp wave of selling.
With the Nov. 3, 2026 election approaching, Bitcoin faces a demanding climb to the six-figure threshold. From its current price, BTC would need to rise approximately 23.6% to reach $100,000.
Still, Meade's outlook remains a projection, not a guaranteed outcome. For Bitcoin to follow that path, the cryptocurrency would need to break through key resistance levels and maintain enough buying momentum to extend the rally.
