Popular cryptocurrency analyst PlanD has drawn attention to an important development on the Bitcoin price chart and identified a pivotal development near the $90,650 price level. Notably, the premium cryptocurrency has struggled to break out of the $90,000 price range since dropping below it in mid-December.
Bitcoin could rise to $97,000 on resistance break — Analyst
In a Friday post on X, PlanD explained that an up chart pattern is forming on the 4-hour chart of BTCUSD following last week’s price movements. For context, an ascending or ascending triangle formation is a bullish chart pattern that forms when price makes higher lows while repeatedly facing resistance at relatively flat horizontal levels.
In technical analysis, the formation of an ascending triangle mainly indicates increasing buying pressure and a possible upside breakout. According to PlanD, after two price rejections, flatline resistance is consistent with $90,650, making this level a key breakout point in the current price structure. If market bulls are likely to conquer this price level, analysts hypothesize that the price of Bitcoin will surge to the upper end of the $93,500 to $97,000 price range.
This reactionary price increase can be attributed to a potential short squeeze that occurs when short positions near resistance areas are forced to close due to a price breakout. However, PlanD warns traders and investors that this price increase should only be interpreted as a “short-term stop hunt/relief rally” rather than a reversal of the structural trend following the Bitcoin bear market in Q4 2025.
The experienced analyst argues for a cautious market stance, stating that unless the price decisively exceeds this target, investors should be prepared to revalue their positions at $97,000.
Bitcoin market overview
At the time of writing, Bitcoin is trading at $87,661, registering a slight decline of 0.18% over the past day. Meanwhile, the daily trading volume has increased by 133.35%, suggesting that traders are becoming more active and getting ahead of potential big price moves.
What’s interesting is that analysts from both emotional camps have reiterated their positions in recent days. Renowned market expert Ali Martinez believes the bear market began after Bitcoin reached an all-time high of $126,100 in early October. Martinez said the market is currently in a phase of complacency, with investors continuing to expect further price increases without actively de-risking or reducing positions.
Bullish analyst Ash Crypto said the bull market remains active given the surge in prices and new all-time highs in commodity markets such as gold and silver. Experts predict that there will eventually be a rotation of capital from these markets into Bitcoin, with a price target set at $150,000 for the new year.
Featured images from Pexels, charts from Tradingview
