Bitcoin Is Forming A Symmetrical Triangle – Breakout Or Breakdown?
After days of consolidation and lingering negative sentiment, Bitcoin has finally regained its much-anticipated $100,000 mark. This psychological milestone serves as a key resistance level, with many investors and analysts closely watching Bitcoin’s price action for clues on its next big move. The recent break above $100,000 signals renewed optimism in the market, but the question remains: Can Bitcoin maintain its momentum?
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Top analyst Carl Runefelt has shared a detailed technical analysis of X, highlighting key patterns forming on Bitcoin’s 1-hour timeframe. According to Runefelt, Bitcoin is currently forming a symmetrical triangle, a typical chart pattern that often precedes major price movements. The pattern suggests that Bitcoin is awaiting a decisive breakout or collapse that could shape its short-term trajectory in the coming days or even hours.
Bitcoin’s pivotal moment arrives Broader crypto market experiences new energy Following the end of the previous year’s downturn. Investors are optimistic but cautious as the technical landscape could signal continued gains or a temporary decline. The critical period of Q1 2025 has arrived as BTC returns to six-digit levels.
Bitcoin breaks $100,000 but faces risks
Bitcoin has surged to $102,700 with strong momentum, fueling highly bullish optimism for the year ahead. Investors are keeping a close eye on the market leader, which continues to show resilience after regaining the $100,000 mark. However, Bitcoin is not without risks. Any losses from current levels could lead to a sharp pullback that could shake confidence in the current rally.
Top analyst Carl Runefelt recently Shared detailed technical analysis on Xhighlighting the symmetrical triangle formed by Bitcoin on the hourly time frame. This classic chart pattern often appears before a sharp breakout or breakdown, signaling increased market activity. Runefelt highlighted that the next move is likely to occur as prices consolidate tightly within the triangle.
Runefeldt outlines the key price targets that traders need to focus on. A close below the $100,000 mark would be a bearish signal and could invalidate the bullish structure established in recent weeks. Conversely, a move above $103,000 would confirm bullish momentum and set the stage for continued gains.
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The next few days will be crucial for Bitcoin as the market remains indecisive. While there is optimism about the likelihood of a continuation of the bull cycle, the potential for heightened volatility highlights the need for caution during this critical period.
Test fresh liquidity
Bitcoin is currently trading at $101,400 after decisively crossing the $100,000 mark within 4 hours, once again fueling investor optimism. This clean breakout has pushed BTC to new liquidity above the psychological $100,000 level, a strong sign as market leaders try to maintain bullish momentum.
However, the battle is far from over. While Bitcoin’s price action remains promising, bulls will need to push the price higher to take full control of Bitcoin. The next major hurdle lies at $103,600, a key resistance level that, if broken, could pave the way for a massive rally. A strong move above this level would confirm Bitcoin’s bullish structure and could attract more buyers, pushing the price to new all-time highs.
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On the other hand, failure to stay above $100,000 could lead to a consolidation phase. This scenario could keep Bitcoin range-bound, frustrating traders and delaying a bullish breakout that investors are eagerly awaiting.
Featured image from Dall-E, chart from TradingView
