Bitcoin has rebounded to $57,000 after a brief dip below $54,000, sparking predictions of a potential bull run that could see the cryptocurrency reach $123,000. Despite recent volatility, industry insiders remain optimistic, pointing to a "massive cup and handle pattern" forming in BTC's price chart, a technical indicator often associated with bullish momentum.

Analysts also note a decrease in selling pressure and a favorable Relative Strength Index (RSI), both of which suggest a possible upward trend. The exchange netflow has been predominantly negative over the past month, indicating a shift from centralized platforms to self-custody methods, reducing immediate selling pressure.

Furthermore, Bitcoin's RSI, a measure of whether the asset is oversold or overbought, is currently at 48, below the 70 mark that signals a possible correction. These indicators, combined with historical price performance comparisons, suggest that Bitcoin could surprise the market with a rally to as high as $100,000 by the end of 2024.