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

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

Quick Summary:

This formation has led to the Bitcoin price trading in an increasingly tightening range, which is ultimately going to breakout in either direction. For Bitcoin, the existing uptrend suggests a potential breakout above the upper trendline of the symmetrical triangle, which is just below $91,000.

Notably, the calls for a $100,000 price target have been even more pronounced since the Bitcoin price broke above its March high of $73,737 earlier this month. Related Reading: Analyst Says XRP’s 11-Year SuperCycle Is Coming To An End, Why A Surge To $3.4 Is Imminent At the time of writing, Bitcoin is trading at $91,770, having reached an intraday high of $92,653 in the past 24 hours.

Symmetrical Triangle Points To A Bitcoin Price Breakout A symmetrical triangle is formed when a descending resistance line and an ascending support line converge, indicating a period of consolidation.