Bitcoin Is Forming A Symmetrical Triangle - Can BTC Reclaim $100K?

Bitcoin delighted investors with a Christmas Eve surge, climbing from $92,300 to an intraday high of $99,400. The swift rally has reignited bullish sentiment as the price successfully held a critical demand level, signaling strength and positioning BTC to challenge the psychological $100,000 milestone. Market participants are now closely watching Bitcoin’s next move, anticipating continued momentum in the coming days.Top analyst Carl Runefelt shared a compelling technical analysis on X, highlighting Bitcoin’s formation of a symmetrical triangle on the hourly timeframe. This pattern often indicates a period of consolidation before a significant breakout, and Runefelt believes BTC is on the verge of such a move. A confirmed break above this triangle could propel Bitcoin into price discovery, unlocking further gains and marking a pivotal moment in its current market cycle.With strong demand levels providing support and technical patterns aligning for a potential breakout, Bitcoin’s path to $100,000 appears clearer than ever. However, traders remain cautious as volatility could still play a role in the short term. All eyes are on the leading cryptocurrency as it enters a critical phase, with investors eagerly awaiting confirmation of a new leg in its historic bull run.Bitcoin Looks Ready To Rally AgainBitcoin appears primed for another rally into price discovery, maintaining a bullish structure after holding critical demand levels. This resilience underscores the market’s confidence in BTC’s ability to reclaim the $100,000 mark and push higher, with both analysts and investors closely monitoring its price action for confirmation.Top analyst Carl Runefelt recently shared an insightful technical analysis on X, highlighting a symmetrical triangle pattern on Bitcoin’s hourly chart. Symmetrical triangles often indicate a period of consolidation before a breakout, and Runefelt suggests that BTC is poised to break upward.He further identified $100,700 as a key level; surpassing it would signal strong bullish momentum, potentially driving Bitcoin to new all-time highs. Conversely, he cautioned that a drop to $95,200 would signal weakness, indicating a bearish turn in the short term.Runefelt’s analysis aligns with market sentiment, as many traders view Bitcoin’s current consolidation as a precursor to significant upward movement. If BTC confirms a breakout above the triangle, it could trigger a surge of buying activity, driving the price into uncharted territory. However, a failure to sustain momentum above critical levels may lead to heightened volatility, challenging Bitcoin’s bullish outlook.For now, the leading cryptocurrency holds steady, with all eyes on the pivotal $100,700 mark. If Bitcoin successfully breaks this resistance, it could ignite the next phase of its bull run, reaffirming its position as the dominant force in the crypto market.Price Action: Key Levels To WatchBitcoin is currently trading at $98,400, marking a notable 7% surge from its recent local lows of $92,000. This recovery highlights renewed bullish momentum, with the price reclaiming the critical 4-hour 200 EMA, a key indicator of short-term strength. BTC now faces a significant hurdle as it attempts to push above the 4-hour 200 MA, which sits at $98,470.Reclaiming the 200 MA would confirm Bitcoin’s bullish trajectory, potentially igniting aggressive buying activity to propel the price above the psychological $100,000 mark. Breaking this level would not only reinforce market confidence but could also trigger further upside momentum, pushing BTC into new all-time highs.On the flip side, failure to reclaim the 200 MA could result in Bitcoin consolidating below $100,000. This would likely lead to a period of sideways price action, with traders awaiting fresh catalysts to determine the next move.Featured image from Dall-E, chart from TradingViewWeiter zum vollständigen Artikel bei NewsBTC Weiter zum vollständigen Artikel bei NewsBTC