Bitcoin (BTC) may be down 70% from its November 2021 peak, but its rebound move in the past three weeks is raising the possibility of more upside in Q3.

Bitcoin eyes 30% price rally

At the core of the bullish argument is a technical pattern called the "Adam-and-Eve double bottom."

Notably, the structure appears when the price forms two bottom-and-recovery cycles. The first cycle, called "Adam," features a pointed bottom, while the other, called the "Eve," is round-shaped. Also, the peaks of both cycles form a common resistance line. 

The Adam-and-Eve pattern resolves after the price breaks above the resistance line, accompanied by a rise in trading volume.

As a rule of technical analysis, the breakout's target typically comes at a length equal to the maximum distance between the pattern's lowest point and resistance line.