The recent price movement of Bitcoin has formed a bullish symmetrical triangle pattern, which is a technical indicator that typically precedes significant upward momentum. This pattern emerged during fluctuations between $93,477, which was the historical high reached on November 14, and $85,970.
Cryptocurrency analyst known as Stockmoney Lizards highlighted this bullish symmetrical triangle observation on the social media platform X, and he is also praised for developing the Satoshimeter indicator.
The symmetrical triangle points to a breakout in Bitcoin price
When the descending resistance line and the ascending support line converge, a symmetrical triangle forms, indicating a consolidation phase. When the price approaches the apex of this pattern, it usually breaks out in the direction of the current trend.
In terms of Bitcoin, its movement on the daily candlestick timeframe has been characterized by a series of lower highs and higher lows over the past week. This pattern has caused the trading range of Bitcoin price to narrow, ultimately leading to a breakout in either direction.
For Bitcoin, the existing uptrend suggests a potential breakout above the upper trend line of the symmetrical triangle, which is slightly below $91,000. To confirm this breakout, analysts are looking for a surge in trading volume and at least two consecutive closing prices above the trend line.
Stockmoney Lizards commented on this setup, stating: 'The current setup indicates the possibility of breaking into a new level. All eyes are on 100k. This is when retail investors crush the candy store, and the real fun will begin.'
Such a breakout, if confirmed, could lead to Bitcoin setting a new high above the $100,000 six-figure threshold, which in turn could trigger a wave of inflows into other cryptocurrencies.
Next Bitcoin target price: $100,000
Since the beginning of this bull market cycle, the psychological milestone of $100,000 has been the focus of Bitcoin enthusiasts and analysts. Notably, since Bitcoin price broke above the March high of $73,737 earlier this month, calls for the $100,000 target price have become more pronounced.
At the time of writing, Bitcoin is trading at $91,770, having reached an intraday high of $92,653 in the past 24 hours. This indicates that it has actually broken out of the symmetrical triangle since Stockmoney Lizards' technical analysis. Interestingly, this analyst emphasized this breakout in his analysis update.
Now that the breakout of the symmetrical triangle has been effectively confirmed, it remains to be seen whether Bitcoin price can reach the coveted $100,000 mark before the end of November. All indicators suggest that the current demand for Bitcoin far exceeds supply.
