Bitcoin Price Forms Bullish Symmetrical Triangle, Crypto Analyst Says Next Stop Is $100,000
Bitcoin price action recently formed a bullish symmetrical triangle pattern, a technical indicator that often precedes significant upward momentum. This pattern has already arrived Going back and forth After reaching an all-time high of $93,477 on November 14, Bitcoin prices ranged from $93,477 to $85,970.
The observation of this bullish symmetrical triangle was highlighted on social media platform X by a cryptocurrency analyst known as the Stockmoney Lizards, who is also credited with developing the Satoshimeter indicator.
Symmetrical triangle signals Bitcoin price breakout
When the falling resistance line and the rising support line intersect, a symmetrical triangle is formed, indicating a consolidation period. When price approaches the top of the pattern, it will typically break out in the direction of the current trend.
Related reading
In the case of Bitcoin, Bitcoin price action on the daily candlestick time frame is one of a series of lower highs and higher lows over the past week. This formation has resulted in an increasingly tight trading range for Bitcoin price, which will eventually break out in either direction.
For Bitcoin, the existing uptrend suggests that Bitcoin may break above the upper trendline of the symmetrical triangle, which is just below $91,000. To confirm such a breakout, analysts look for a surge in trading volume and at least two consecutive closes above the trendline.
Stockmoney Lizards commented on this setting point out“The current setup suggests a breakout to the next level is possible. All eyes are on 100k. That’s when retail investors will crush the candy store and the real fun will begin.”
If such a breakthrough is confirmed, it could lead to Bitcoin hitting new highs above the six-figure threshold of $100,000, triggering a wave of inflows into other cryptocurrencies.
Next Bitcoin Price Target: $100,000
The $100,000 Psychological Milestone always the focus Since the beginning of this bull market cycle, it has been the focus of Bitcoin enthusiasts and analysts. Notably, calls for a $100,000 price target have become more pronounced since Bitcoin price broke above the March high of $73,737 earlier this month.
Related reading
At the time of writing, Bitcoin is trading at $91,770, having hit an intraday high of $92,653 in the past 24 hours. This means that it has effectively broken out of the symmetrical triangle since Technical Analysis by Stockmoney Lizards. Interestingly, the analyst highlighted this breakout in his analytical update.
Now that the symmetrical triangle breakout has been effectively confirmed, it remains to be seen whether Bitcoin price can reach the coveted $100,000 price mark before the end of November. All indicators point forwardthe current demand for Bitcoin far exceeds supply.
Featured image created using Dall.E, chart from Tradingview.com
