The Bitcoin price has formed a symmetrical triangle in the past few weeks. This triangle was formed after a price crash, so there is a higher chance that the price will break down. The target of the triangle is around $30,000, so we expect prices to rise from this point. With the $30,000 level serving as psychological support as well as a target, there is a high probability that we will rise from this point.

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This formation goes perfectly as predicted in a previous article, where we spoke about Bitcoin price potentially falling towards $30,000. Of course, this is not the end of Bitcoin, as prices should rally back again after this extended consolidation in the 30K range.

The Bitcoin price has been in a sideways phase between $30,000 and $65,000 for about a year. Based on this, we believe that a price of around $30,000 could be a good entry point. After the price hits $30,000, the price could rally to $40,000 and then $65,000. Thus, if the scenario occurs, prices could go up over 100%. So you could double your money in the medium term. Not only the sideways phase is an indicator that the price could rally to $65,000, but also a 6-year support trendline is clearly visible in figure 2 below. This trend line will soon cross the $30,000 support, which is why we may never see prices below $30,000 again any time soon.

Bear in mind that when investing in cryptocurrencies, you are taking a risk. Like any investment, you should always set your goals and know when to enter and exit the markets. We have written a previous article before that talks about how to become a professional trader, which you can read all about it here.