Bitcoin Price Breaks Out of Bullish Symmetrical Triangle Toward $100,000
The Bitcoin price has recently formed a bullish symmetrical triangle pattern, often indicating significant upward momentum. This formation occurred during price fluctuations between $93,477 and $85,970 after reaching an all-time high of $93,477 on November 14.
Crypto analyst Stockmoney Lizards highlighted this pattern on social media, known for developing the Satoshimeter indicator.
Symmetrical Triangle Points To A Bitcoin Price Breakout
A symmetrical triangle is characterized by converging descending resistance and ascending support lines, signaling consolidation. As the price nears the apex, it typically breaks out in the direction of the prevailing trend.
For Bitcoin, the daily candlestick timeframe shows a series of lower highs and higher lows over the past week, resulting in a tightening trading range likely to break out soon. The existing uptrend suggests a potential breakout above the upper trendline of the symmetrical triangle, positioned just below $91,000. Analysts seek a spike in trading volume and at least two consecutive closes beyond this trendline for confirmation.
Stockmoney Lizards remarked on this setup, stating, “The current setup suggests a potential breakout to the next level. All eyes are on 100k.” A confirmed breakout could lead Bitcoin to exceed the $100,000 threshold, potentially increasing inflows into other cryptocurrencies.
Next Bitcoin Price Target: $100,000
The psychological milestone of $100,000 has been a focal point for Bitcoin analysts since the beginning of this bull cycle. Calls for this target intensified after Bitcoin surpassed its March high of $73,737 earlier this month.
Currently, Bitcoin trades at $91,770, having reached an intraday high of $92,653 within the last 24 hours. The breakout from the symmetrical triangle has been effectively confirmed, and it remains to be seen if Bitcoin can reach $100,000 before the end of November. Indicators suggest strong demand for Bitcoin currently outpaces supply.
