BTC’s price could be waiting for a big rally if the digital asset manages to overcome a crucial resistance line.
That’s what the analyst Sarah Tran pointed out, indicating that the The graph pattern suggests that the cryptocurrency could increase 54% to $110,000 if it exceeds $69,829.
BTC to 110,000 USD
To justify this, she pointed out that BTC price has formed an ascending triangle pattern on the weekly chart. This suggests, according to Tran, that the general outlook for the BTC is bullish.
“The prevailing chart pattern suggests a 54% increase towards $110,714 if the cryptocurrency manages to cut above the upper bound, which acts as a resistance at $69,829,” he points out.
She highlighted that the first resistance line for BTC is at the 50% retracement level at $48,777. This point coincides with the 50-week simple moving average (SMA).
“BTC price will discover headwinds in 21-week SMA at $52,784. Then at the 61.8% Fibonacci retracement level at $53,478. The 78.6% Fibonacci retracement level, which stands at $60,167, will also act as a hurdle. That’s because bulls try to mark the upper limit of the graphic pattern”, he predicts.
Also according to the analyst, there will be other additional resistances:
“The world’s largest cryptocurrency will face resistance at the 127.2% Fibonacci extension level at $79,512. So at the 161.8% Fibonacci extension level at $93,300,” he said.
However, if selling pressure builds up, BTC will test the lower bound of the pattern as support at $45,766.
In that case, additional lines of defense will emerge at the 38.2% Fibonacci retracement level at $44,078. So at the November 29th low of $42,150.
“Investors should note that if BTC price falls below the current technical standard’s falling trend line, the bullish outlook would be invalidated,” she concludes.