Bitcoin Weekly Forecast: BTC price provides buy opportunity before ascent toward $110,000

Bitcoin price could be awaiting a major upswing if the digital asset manages to slice above a crucial line of resistance. The prevailing chart pattern suggests that if the leading cryptocurrency could be expecting a 54% surge toward $110,000 if BTC breaks above $69,829.

Bitcoin price awaits 54% climb

Bitcoin price has formed an ascending triangle pattern on the weekly chart, suggesting that the general outlook for BTC is bullish. The prevailing chart pattern suggests a 54% upswing toward $110,714 if the bellwether cryptocurrency manages to slice above the upper boundary, which acts as resistance at $69,829.

The first line of resistance for BTC is at the 50% retracement level at $48,777, coinciding with the 50-week Simple Moving Average (SMA). 

Bitcoin price will discover additional headwinds at the 21-week SMA at $52,784, then at the 61.8% Fibonacci retracement level at $53,478. The 78.6% Fibonacci retracement level, which sits at $60,167, will also act as a hurdle for the leading cryptocurrency as the bulls attempt to tag the upper boundary of the prevailing chart pattern.

If Bitcoin price slices above the topside trend line of the triangle pattern at $69,829, the 54% climb toward $110,714 could be on the radar. The world’s largest cryptocurrency will face resistance at the 127.2% Fibonacci extension level at $79,512, then at the 161.8% Fibonacci extension level at $93,300. 

BTC/USDT weekly chart

However, if selling pressure increases, Bitcoin price will test the lower boundary of the governing technical pattern as support at $45,766. Additional lines of defense will emerge at the 38.2% Fibonacci retracement level at $44,078, then at the November 29 low at $42,150. 

Investors should note that if Bitcoin price falls below the downside trend line of the governing technical pattern, the bullish outlook would be invalidated.