Bitcoin’s price action is hinting at a big move, according to a crypto analyst.
A Bullish Triangle Forms
The price has been bouncing around between roughly $86,000 and $93,000, forming what’s called a “bullish symmetrical triangle” on the chart. This pattern often means a big price jump is coming. This was spotted by Stockmoney Lizards, a crypto analyst known for their Satoshimeter indicator.
A symmetrical triangle happens when the price makes lower highs and higher lows, squeezing into a tighter and tighter range. Eventually, it’s gotta break out—either up or down. Given Bitcoin’s recent upward trend, the expectation is a breakout above the triangle’s upper line (around $91,000). To confirm this, we need to see a volume spike and at least two days of closing prices above that line.
$100,000: The Next Target?
Stockmoney Lizards believes this breakout could send Bitcoin soaring past $100,000. They predict this will trigger a massive influx of money into other cryptocurrencies as well.
The $100,000 mark has been a major psychological target for Bitcoin investors for a while now, especially since Bitcoin recently surpassed its March high of $73,737.
Breakout Confirmed?
At the time of writing, Bitcoin’s price has actually already broken above the triangle’s upper boundary. This confirms the analyst’s prediction, and now the focus shifts to whether it can reach that coveted $100,000 level before the month ends. With demand currently exceeding supply, the outlook appears positive.
