Bitcoin Price Forms Bullish Symmetrical Triangle, Crypto Analyst Says Next Stop Is $100,000

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As a seasoned analyst with over two decades of trading under my belt, I have seen my fair share of market patterns and trends. The current bullish symmetrical triangle formation in Bitcoin’s price action has caught my attention, particularly since it was highlighted by the astute crypto analyst, Stockmoney Lizards. This pattern is a classic sign of consolidation before significant upward momentum, and if history repeats itself, we could be in for a bull run that takes us beyond the six-digit threshold.

As an analyst, I’ve noticed that the recent fluctuations in Bitcoin‘s price have shaped a bullish symmetrical triangle pattern, a technical signal typically followed by strong upward surges. This formation transpired following a back-and-forth between approximately $93,477 and $85,970, with the Bitcoin price peaking at an all-time high of $93,477 on November 14.

The observation of this bullish symmetrical triangle was highlighted on the social media platform X by the crypto analyst known as Stockmoney Lizards, who is also credited with developing the Satoshimeter indicator.

Symmetrical Triangle Points To A Bitcoin Price Breakout

A symmetrical triangle emerges when a declining trendline for resistance and an ascending trendline for support meet, suggesting a phase of stabilization. When the price moves towards the peak of this structure, it usually bursts forth, following the existing market trend.

For Bitcoin lately, its daily price trend shows a pattern of decreasing peaks (lower highs) and increasing troughs (higher lows) over roughly the past week. This pattern indicates that Bitcoin’s price is moving within a narrower and narrower range, which will eventually burst in either an upward or downward direction.

As an analyst, I’m observing a potential breakout scenario for Bitcoin. The current upward trajectory hints that it might surpass the upper trendline of the symmetrical triangle, which is roughly around $91,000. To validate this breakout, I would be on the lookout for a significant increase in trading volume and at least two consecutive days closing above the trendline.

Regarding the present configuration, Stockmoney Lizards remarked, “This arrangement could signal an impending surge towards the upcoming threshold. The focus is primarily on reaching 100k. At this point, individual investors are expected to storm in, making it a thrilling experience.

If this surge in Bitcoin value is verified, it might push the digital currency past previous records and surpass the significant figure of $100,000. This potential increase could spark a flurry of investments flowing into other cryptocurrencies as well.

Next Bitcoin Price Target: $100,000

For Bitcoin supporters and experts, the psychological milestone of reaching $100,000 has been a significant point of interest throughout this current bull market. In fact, predictions for a $100,000 price have become even more common since the price of Bitcoin surpassed its previous high of $73,737 earlier this month.

Currently, Bitcoin is being traded at approximately $91,770. Earlier today, it reached a peak of $92,653 within the last 24 hours. This significant rise indicates that Bitcoin has surpassed the symmetrical triangle pattern as suggested by Stockmoney Lizards’ technical analysis. Notably, this breakout was emphasized in an update to the analyst’s report.

After the symmetrical triangle breakout has been clearly established, the question now is if the Bitcoin price will manage to hit the anticipated $100,000 level prior to November’s end. The signs are favorable as the current demand for Bitcoin significantly exceeds its available supply.

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2024-11-20 06:04