Analyst Crypto Rover revealed that Bitcoin is on the verge of a significant price breakout, possibly reaching $100,000 before the year ends. On Wednesday, in a YouTube video, the analyst pointed out that Bitcoin’s current market trend is one of the bull market’s most frequently observed characteristics. Rover pointed out that his pattern indicates that a big price change will likely happen in the near future.
Symmetrical Triangle Formation
Rover has noted that Bitcoin is currently in a compression phase, with the price trading inside a symmetrical triangle. This pattern is quite typical for higher and lower highs prior to a breakout in a bull market. The price will break above the upper resistance or below the lower support, determining Bitcoin’s future direction. According to Rover, a bullish breakout may take Bitcoin to $107,000, while a breakdown could pull it back to $85,000.
This formation supports the current rally in the crypto space, which Rover thinks is still in its early stages. Though a price pullback to 100,000 is possible, he sees BTC continuing its upward climb, with this bull market reaching $180,000.
Rising Bitcoin Demand
The declining Bitcoin balance on the exchanges leads to upward price pressure on Bitcoin. Rover has pointed to this pattern as being observed in other bull runs, including the one in 2020. Another analyst, Michael van de Poppe, shared his bullish view of the leading cryptocurrency, Bitcoin. In an X post on Wednesday, he predicted that Bitcoin might touch $98,000 again.
If this level is tested successfully, it may lead the cryptocurrency to a new high level of trading. Van de Poppe said the current price action results from strong momentum and expects the market to continue its upward movement. As of press time, BTC is trading at $95,959, showing a 1.41% increase over the past day.
BTC Breakout: Will It Soar Past $100K or Sink Below $90K?Analysts expect the upward movement to continue. With it, Bitcoin is on its way to $100K, and the crypto market looks set to end the year with a bang. Currently, investors are waiting for the next price spike, which can open the path to further price growth in the near future.
