Popular crypto analyst PlanD has drawn attention to a major development on the Bitcoin price chart, identifying a crucial development around the $90,650 price level. Notably, the leading cryptocurrency has struggled to break past the $90,000 price region since crashing below the price zone in mid-December.
Bitcoin Poised for Potential Rally to $97,000 at Resistance Break – Analyst
In one X message On Friday, PlanD explains that following last week’s price action, a bullish chart pattern is forming on the BTCUSD 4-hour chart. For context, the rising or ascending triangle formation is a bullish chart pattern that forms when price makes higher lows while repeatedly encountering resistance at a relatively flat horizontal level.
In technical analysis, the ascending triangle formation mainly indicates growing buying pressure and a possible upward breakout. According to PlanD, the flatline resistance corresponds to $90,650 after two price rejections, making this level a crucial breakout point in the current price structure. In the likely event that the market bulls capture this price level, the analyst hypothesizes that Bitcoin would experience a strong price increase towards the upper band of the price range from $93,500 to $97,000.
This reactive price increase can be attributed to the potential short squeeze that will occur when the short positions around the resistance area are forcefully closed by the price breakout. However, PlanD cautions traders and investors to only interpret these price gains as a “stop hunt/relief rally” in the short term, rather than a structural trend reversal following Bitcoin’s bearish fortunes in the fourth quarter of 2025.
The veteran analyst advocates a cautious market stance, saying investors should prepare for a reassessment of their position at $97,000 unless the price moves decisively above this target.
Bitcoin Market Overview
At the time of writing, Bitcoin is trading at $87,661, after a small decline of 0.18% in the past day. Meanwhile, daily trading volume is up 133.35%, indicating increased trading activity and positioning ahead of a potential big price move.
Interestingly, analysts from both sentiment camps have reiterated their views in recent days. Prominent market expert Ali Martinez is convinced that the bear market started 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 increase rather than actively unwinding or reducing their positions.
From the bullish camp, analyst Ash Crypto states the bull market remains active, given the price increase and new all-time highs in commodity markets such as gold and silver. The expert expects an eventual rotation of capital from these markets to Bitcoin, with price targets of $150,000 for the new year.