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


Bitcoin prices have created a bullish symmetrical triangle formation, a technical signal of rising momentum. After the Bitcoin price achieved an all-time high of $93,477 on November 14, this pattern development has occurred between $93,477 and $85,970.

This bullish symmetrical triangle was seen on social media by crypto analyst Stockmoney Lizards, who developed the Satoshimeter indicator.

Symmetrical Triangle Indicates Bitcoin Price Breakout

A symmetrical triangle forms when a descending resistance line and an ascending support line merge, signifying consolidation. As the price reaches the top of this pattern, it usually breaks out in the trend.

For the previous week, Bitcoin's daily candlestick price movement has been lower highs and higher lows. This structure has tightened the Bitcoin price range, which will break out in either direction.

Bitcoin's rise predicts a breakthrough over the symmetrical triangle's top trendline, slightly around $91,000. Analysts need a trading volume surge and two consecutive closes above the trendline to validate a breakthrough.

The Stockmoney Lizards said, “The current setup suggests a potential breakout to the next level. All sights on 100k. Retail investors will destroy the confectionery shop and the fun begins.”

If verified, such a breakthrough may push Bitcoin beyond $100,000, triggering a flood of inflows into other cryptocurrencies.

Bitcoin's Next Goal: $100,000

Since the bull cycle began, Bitcoin fans and experts have focused on $100,000. Since Bitcoin went over its March high of $73,737 earlier this month, demands for a $100,000 price goal have increased.

In the previous 24 hours, Bitcoin has hit $92,653 and is now at $91,770. After Stockmoney Lizards' technical analysis, it broke out of the symmetrical triangle. Interestingly, the analyst updated his research to note this breakthrough.

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