Bitcoin Price Action Forms ‘Symmetrical Triangle’ Pattern – Breakout to $100,000 Incoming?

The Bitcoin price has gained by 1.5% in the past 24 hours, rising to $96,900 after President-elect Donald Trump picked the pro-crypto Paul Atkins to become the new Chairman of the SEC.

Atkins hasn’t confirmed whether he will accept the position, but his selection has boosted prices across the board, with BTC also up by 4% in the past week and 40% in the last 30 days.

And what’s particularly bullish about Bitcoin in the near term is that its chart has formed a symmetrical triangle pattern, signaling an incoming breakout.

Its renewed momentum suggests that it could easily reach $100,000 by the end of the year, with the arrival of a second Trump administration likely to provide plenty of boosts over the coming year.

Bitcoin Price Action Forms ‘Symmetrical Triangle Pattern’ – Breakout to $100,000 Incoming?

Looking at BTC’s one-hour price chart, the cryptocurrency is currently on a bounce, with its RSI (yellow) bouncing up from 30 last night.

This reflects rising momentum, but the most bullish feature of the chart below is that Bitcoin’s resistance and support levels have formed a classic triangle pattern.

In other words, the levels are squeezing BTC’s price between narrower ranges, pushing it to a point where it will have to break out.

BTC had retraced its steps over the past couple of weeks, having failed to break through the $100,000 level around November 22.

It has since been slowly regaining strength, with the positive news regarding Paul Atkins and also the possibility of BTC reserves helping it to recover.

1/ $BTC Struggles at Resistance: #Bitcoin is battling resistance in the $90k-$98k range, printing bearish divergence signals and resembling price action from previous bull markets (2016 and 2020). The pennant formation suggests a breakout could come soon, but patience is key. pic.twitter.com/p5BnEavtEg

— Aaron Dishner (@MooninPapa) December 4, 2024

The combination of positive fundamentals and technicals raises the possibility of a big move in the very near future, although the latest fund flow data from CoinShares shows that institutions are still cautious.

We may therefore have to wait a week or so before significant action arrives, yet such action should come by the end of the year.

And the longer term picture looks incredibly good for the Bitcoin price, with the return of Trump likely to bring very bullish policy announcements.

The four year #Bitcoin cycle is dead, IMO.

This time is different:
1. $MSTR buying the entire new supply
2. $MSTR copy-cats/other corporate buyers
3. Nation states buying/establishing $BTC reserves
4. Generational shifts: Baby boomer money is coming through ETFS
5. Massively… pic.twitter.com/t4ozkitqn2

— Mark Harvey (@thepowerfulHRV) November 15, 2024

Not only could we see US states and corporations accumulating BTC as a reserve, but the new Trump administration is also likely to introduce crypto-friendly legislation.

As such, the Bitcoin price could potentially reach $125,000 by the first quarter of 2025, before rising to around $150,000 by the second half of the year.

Strong Alternatives for Market-Beating Gains

Bitcoin will continue leading the cryptocurrency market for the foreseeable future, yet the current bull market will also see numerous other tokens make substantial gains.

In fact, new coins can often outperform BTC in terms of percentage gains, particularly if they come with genuine utility and fundamentals.

And one new token with bullish features is Wall Street Pepe (WEPE), an ERC-20 token that has just launched its presale.

Who said money doesn’t grow on trees 🐸⚔️ pic.twitter.com/tRLhkEnEBu

— Wall Street Pepe (@WEPEToken) December 4, 2024

It has already raised $400,000 in just under 24 hours, providing a very strong sign of its appeal and future success.

WEPE isn’t simply another bog-standard meme token, but also a platform that will provide traders with analysis and market insights.

By holding its native token, Wall Street Pepe’s platform will provide users with exclusive buying signals and insider trading strategies.

It will also come with its own community, who can not only share tips and analysis, but will also have the chance to compete in trading competitions.

Winners of such competitions will earn rewards in WEPE, while the token will also be open to staking, earning holders additional income.

This all makes Wall Street Pepe look highly promising, with investors able to join its sale by going to its official website.

There, they will be able to buy WEPE at a price of $0.000202, although this will increase in just under three days.

Traders should therefore act quickly, since the early signs suggest that Wall Street Pepe could be a big one.

Check Out Wall Street Pepe Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.