Popular crypto analyst PlanD has drawn attention to a key development on the Bitcoin price chart, and identifies a pivotal development around $90,650 price level. Notably, the premier cryptocurrency has struggled to break past the $90,000 price region since crashing below the price zone in mid-December.
Bitcoin Set For Potential Rally To $97,000 On Resistance Break — Analyst
In an X post on Friday, PlanD explains that an ascending chart pattern is forming on the BTCUSD 4-hour chart following the price action of last week. For context, the rising or ascending triangle formation is a bullish chart pattern that forms when the price makes higher lows while repeatedly facing resistance at a relatively flat horizontal level.
In technical analysis, the ascending triangle formation primarily signals growing buying pressure and a potential upside breakout. According to PlanD, the flatline resistance aligns with $90,650 after two price rejections, making this level a critical breakout point in the present price structure. Upon the likely event that the market bulls conquer this price level, the analyst postulates that Bitcoin would experience a forceful price surge into the upper band of the $93,500 to $97,000 price region.
This reactive price rise can be attributed to the potential short-squeeze that will be created when the short positions around the resistance region are forcefully closed by the price breakout. However, PlanD warns traders and investors should only interpret this price gain as a “short-term stop hunt/relief rally” rather than a structural trend reversal following Bitcoin bearish fortunes in Q4 2025.
The seasoned analyst advocates for a cautious market stance, stating that investors should prepare for a position reassessment at $97,000 unless the price decisively moves above this target.
Bitcoin Market Overview
At the time of writing, Bitcoin trades at $87,661 following a minor decline of 0.18% in the past day. Meanwhile, daily trading volume is up by 133.35%, suggesting increased trader activity and positioning ahead of a potential major price move.
Interestingly, analysts of both sentiment camps have reiterated their positions in recent days. Prominent market expert Ali Martinez is convinced that the bear market began after Bitcoin reached its all-time high of $ 126,100 in early October. According to Martinez, the market is currently in a phase of complacency, where investors continue to anticipate another price surge instead of actively de-risking or reducing their positions.
From the bullish camp, analyst Ash Crypto states the bull market run remains active, considering the price surge and new all-time highs in commodities markets such as gold and silver. The pundit expects an eventual rotation of capital from these markets into Bitcoin, with price targets set at $150,000 in the new year.
Source: https://www.newsbtc.com/news/bitcoin/bitcoin-short-term-relief-lies-beyond-crucial-90650-resistance-details/
