Crypto: Three Bitcoin Signals Show $80k Is Next BTC Price Target For Bulls
A symmetrical triangle breakout and an unfilled CME gap are boosting the case that Bitcoin may revisit $80,000 in March.
Bitcoin (BTC) bulls are eyeing a move back toward $80,000 in March, with at least three indicators flashing increasing upside momentum.
Bitcoin jumped by over 5% toward $72,000 on Wednesday.
Multiple indicators, including a symmetrical triangle, hint at an extended price rally toward $80,000.
On Wednesday, BTC’s price showed signs of invalidating what initially appeared to be a bear pennant.
The BTC/USD pair pierced the pennant’s upper trend line after jumping 5.21% to around $71,900. Its breakout came alongside a rise in trading volume, implying stronger conviction behind the rally.
That simultaneously increased the odds of a symmetrical-triangle bullish reversal.
A symmetrical triangle forms when price makes lower highs and higher lows, compressing into a tightening range.
It resolves when the price breaks either of the trendlines and moves by as much as the pattern’s maximum height.
In BTC’s case, the triangle’s widest range is roughly $63,000 to $71,000–$72,000.
Source: CoinTelegraph
