Bitcoin Forms Symmetrical Triangle as Price Aims for $100,000
Bitcoin surged from $92,300 to an intraday high of $99,400 on Christmas Eve, reigniting bullish sentiment. The price held a critical demand level, indicating strength and positioning BTC to challenge the psychological $100,000 milestone. Market participants are closely observing Bitcoin's next move, expecting continued momentum.
Analyst Carl Runefelt highlighted a symmetrical triangle formation on Bitcoin's hourly chart, suggesting a consolidation period before a potential breakout. A confirmed break above this pattern could lead Bitcoin into price discovery, unlocking further gains in its market cycle.
Bitcoin Looks Ready To Rally Again
Bitcoin is poised for another rally, maintaining a bullish structure after holding critical demand levels. This stability reflects market confidence in reclaiming the $100,000 mark. Runefelt noted that surpassing $100,700 would signal strong bullish momentum, while a drop to $95,200 would indicate weakness.
Runefelt’s analysis aligns with market sentiment, where current consolidation is viewed as a precursor to upward movement. A breakout above the triangle could trigger significant buying activity, while failure to maintain momentum may result in volatility that challenges Bitcoin's bullish outlook.
Currently, Bitcoin stands at $98,400, reflecting a 7% increase from local lows of $92,000. The price has reclaimed the critical 4-hour 200 EMA, indicating short-term strength. BTC faces resistance at the 4-hour 200 MA, located at $98,470.
Reclaiming the 200 MA would confirm Bitcoin’s bullish trajectory and potentially ignite buying activity to push the price above $100,000. Conversely, failing to reclaim this level may lead to consolidation below $100,000, resulting in sideways price action as traders await new catalysts.
Featured image from Dall-E, chart from TradingView