Bitcoin is forming a symmetrical triangle pattern, which in classic forex is a 50/50 bullish/bearish pattern. But here we do predictions, so I predict this pattern to break down! In this analysis, I will explain the reasons behind my prediction.
On Friday, October 10, we had the biggest crash in crypto history. Some very popular altcoins went to 0 on Binance, but mostly we saw a 60% to 95% crash on all altcoins in a very short period of time (1 hour). If you trade only Bitcoin, it didn’t affect you, because Bitcoin dropped by only 15% or so, which is pretty classic. We already know that this crash was prepared by the big banks and governments many weeks before it happened. A lot of people are saying that this is a healthy wipeout of all futures traders and that the market is ready to go up, but I must disagree with it because this crash came directly from an all-time high. To me this is more an indication of the start of a huge bear market, so I would be very careful.
If you know all the fundamentals and market halving cycles of Bitcoin, you also know that Bitcoin is usually 3 years in an uptrend and 1 year in a severe downtrend. And we have just ended the 3-year cycle, so many, many people are anticipating a 1-year bear market, and that’s why we may see Bitcoin below 60k in 2026. And please do not listen to moon boys, they predict prices above 500k or 1 million in 2026. Basically, they are saying that Bitcoin will outperform gold in the market capitalization in this short period of time.
So what is the plan? I think this symmetrical triangle will break down, and this should happen at the end of October/start of November. You can sell the top and long the bottom of the triangle, but be careful with longs because I would stick with the main trend, which is apparently bearish now. The target of the triangle is 92k with the Fibonacci extension at the 1:1 level.
