BTC at the Verge of Breaking out From Symmetrical Triangle Pattern, it may Surge!

Bits Logics Team . 16th Oct 2023
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  • Crypto analyst predicts that BTC could increase by 15-20% after breaking out from the triangle pattern.
  • The bears were heavy-handed and kept dominating the market until yesterday.
  • BTC could reach above $40,000 if the bulls keep the momentum.

Crypto Analyst Captain Faibik tweeted that BTC was testing the upper trendline of the symmetrical triangle pattern in the chart. The analyst expects BTC to spike by 15-20% if it breaks out of this pattern. However, in the event his above thesis is negated, then, it may seek support at $25.6K once again. 

When looking at the chart below, it can be seen that BTC hasn’t had a great week. BTC was exchanging hands at $27.84K when the markets opened for trading for the week. As the bears were heavily infesting the market, BTC sank below its opening market price. It printed lower lows and lower highs, reaching its lowest price of $26.6K on the fourth day.

BTC/USD 1-Week Chart (Source: CoinMarketCap

However, the beginning of the fifth day brought some hope to the bulls as BTC was gaining value though deep in the red zone. Finally, BTC was able to recover and it trading at $27,876, at press time. 

BTC/USDT 1-Day Chart (Source: Tradingview

When looking at the chart above, it can be seen that BTC has been making higher lows since the beginning of 2023 until August. However, since almost September, BTC has been consolidating. Since the symmetrical triangle pattern is about to break, we could expect BTC to hit $31,450 shortly. However, as per the conventional breakout, BTC could reach above $40,000. 

Moreover, the Accumulation/Distribution Line reads a value of 10.7M is rising. This shows that there is volume backing this uptrend in price, hence, the trend is strong. Nonetheless, if BTC crashes after the breakout, then, it may seek the assistance of Faibik’s support at $25,600. If that support does not cushion the fall, then BTC could fall to the $18,900 support level. 

Disclaimer: The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by BitsLogic are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.