Bitcoin Forms Symmetrical Triangle, Eyes Breakout Towards $126,000

Bitcoin ($BTC) is currently standing at a noteworthy crossroads in terms of price movement. As per the data provided by Carl Moon, Bitcoin’s price shows a short-term Symmetrical Triangle pattern amid speculations of a likely breakout to $126K. However, in case of a potential downturn, the target is $110K. The popular crypto enthusiast and analyst took to social media to discuss Bitcoin’s ($BTC) present market outlook, where there are chances for it to move in any direction.

Bitcoin Nears Symmetrical Triangle’s Conclusion

Based on the market statistics, the flagship crypto asset is going through a price compression within a Symmetrical Triangle pattern. In this respect, the price data indicates the likelihood of an upswing to the $126K spot as soon as this pattern breaks. However, at the same time, there is still a chance for the top cryptocurrency to dip further to the low of $110K.

At present, Bitcoin ($BTC) is changing hands at $118,013.89. This price signifies a 0.32% decrease over the past twenty-four hours. This price level presents a possibility of an approximate swing of ±6.8%, accounting for roughly 8,049.8 $USDT. Hence, imminent volatility is projected at the resolution of the respective symmetrical triangle.

Price Movement Highlights Looming Opportunity and Risk

Keeping in view Bitcoin’s move toward the end of the ongoing symmetrical pattern, Carl Moon predicts $126K as the upper boundary of the looming volatility. Concurrently, on the other side, the crypto analyst considers $110Kto be the bottom mark of the expected volatility. Hence, Bitcoin ($BTC) now stands between likely opportunity and risk while market onlookers keep watching for a noteworthy catalyst to determine a shift.