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Bitcoin Price Forms Bullish Symmetrical Triangle, Crypto Analyst Says Next Stop Is $100,000 Newsbtc 20 nov. 2024

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

Bitcoin Stockmoney Lizards

The Bitcoin price has recently formed a bullish symmetrical triangle pattern, indicating potential for upward momentum. This pattern was observed as Bitcoin fluctuated between $93,477 and $85,970 after reaching an all-time high on November 14.

Analyst Stockmoney Lizards highlighted this triangle on social media, noting it's a technical indicator predicting price breakouts. The pattern involves descending resistance and ascending support lines converging, suggesting consolidated Bitcoin price action.

Currently, Bitcoin shows lower highs and higher lows on the daily candlestick timeframe. The existing uptrend suggests the price might break above $91,000, with a spike in trading volume confirming the breakout.

If Bitcoin's breakout confirms and surpasses the $91,000 trendline, analysts predict new highs above $100,000. This would likely increase inflows into other cryptocurrencies, marking a crucial milestone for enthusiasts.

As of now, Bitcoin trades at $91,770, having reached an intraday high of $92,653. This confirms the breakout since Stockmoney Lizards' technical analysis update, bringing closer the $100,000 target.

Bron: www.newsbtc.com ↗

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