Bitcoin price movements have recently formed a bullish symmetrical triangle pattern, a technical indicator that often precedes a significant rally. Such an exemplary formation has arrived amidst the back and forth traffic between $93,477 and $85,970 after Bitcoin’s price hit an all-time high of $93,477 on November 14.

The observation of this bullish symmetrical triangle was highlighted on social media platform X by a cryptocurrency analyst known as Stockmoney Lizards, who is also credited with developing the Satoshimeter indicator.

A symmetrical triangle indicates a breakout in Bitcoin’s price

A symmetrical triangle is formed when the descending resistance line and the ascending support line converge, indicating a period of consolidation. As the price approaches the top of this pattern, it usually breaks out in the direction of the prevailing trend.

In the case of Bitcoin, Bitcoin’s price action on the daily candlestick timeframe has been one of a series of lower highs and higher lows over the past week or so. This pattern has led to an increasingly tighter trade in Bitcoin prices that will eventually lead to a breakout in either direction.

For Bitcoin, the existing uptrend suggests a potential breakout above the upper symmetrical triangle trendline, which is just below $91,000. To confirm such a breakout, analysts expect a piercing enhance in trading volume and at least two more closes outside the trend line.

Commenting on this setup, Stockmoney Lizards he stated“The current setup suggests a potential breakout to the next level. All eyes are on 100,000. Then retail investors will crush the candy store and the real fun begins.

Such a breakout, if confirmed, could lead Bitcoin to set modern highs above the six-figure $100,000 threshold, which in turn would trigger a wave of inflows in other cryptocurrencies.

Bitcoin’s next price target: $100,000

$100,000 psychological milestone was the focal point for Bitcoin enthusiasts and analysts since the beginning of this bull cycle. Notably, calls for a $100,000 price target have become even more pronounced since Bitcoin’s price breached its March high of $73,737 earlier this month.

At the time of writing, Bitcoin is trading at $91,770, having hit an intraday high of $92,653 in the last 24 hours. This means that Stockmoney Lizards has successfully broken out of the symmetrical triangle since technical analysis. Interestingly, the analyst highlighted this breakout in an update to his analysis.

Now that the break of the symmetrical triangle has been successfully confirmed, it remains to be seen whether Bitcoin’s price will reach the coveted price of $100,000 before the end of November. All indicators say it’s good to gowith the current demand for Bitcoin far exceeds supply.

Featured image created with Dall.E, chart from Tradingview.com