A cryptocurrency analyst has highlighted that Bitcoin (BTC) is trading inside a symmetrical triangle pattern, signaling a period of consolidation that could precede a significant price move. In a post on X, analyst Ali Martinez noted this technical formation, characterized by two converging trendlines that represent dynamic support and resistance.
The pattern shows Bitcoin's price compressing as it approaches the triangle's apex, a zone that typically forces a market decision. Martinez suggested this setup could lead to a potential 15% move for the asset. The magnitude is derived from a common technical analysis principle where the expected breakout length equals the height of the triangle at its widest point.
While symmetrical triangles have an equal probability of breaking in either direction, some observations lean toward a bullish resolution. The chart analysis reveals the formation of higher lows near the pattern's support, indicating underlying buying pressure and constructive demand. However, at the time of the initial analysis, BTC had dipped slightly below the lower trendline, briefly suggesting a potential bearish breakout.
The key upside target in the event of a confirmed bullish breakout is the $76,700 resistance level. For any breakout to be considered valid and sustainable, it must be accompanied by a significant increase in trading volume. Without this confirmation, the move risks being a false breakout. As the price nears the triangle's apex, the probability of a volatility expansion increases substantially, marking a macro decision point for Bitcoin's next trend phase.
Following recent declines, Bitcoin's price was trading around $66,300, reflecting the ongoing consolidation within this critical technical structure.
