The price trend of Bitcoin shows a "symmetrical triangle" pattern

[Source: cryptonews]

The price of Bitcoin has risen by 1.5% in the past 24 hours, reaching $96,900, following the nomination of Paul Atkins by the newly elected President Trump to serve as the new chairman of the U.S. Securities and Exchange Commission (SEC).

Although Atkins has not yet confirmed whether he will accept the position, this nomination has led to a broad market rally. Bitcoin has increased by 4% over the past week and has soared by 40% in the last 30 days.

In the short term, bullish signals for Bitcoin come from the "symmetrical triangle" pattern forming in its price chart, indicating an impending breakout.

The strong momentum of Bitcoin suggests that its price is likely to easily break through $100,000 before the end of the year, and the return of the Trump administration may provide more favorable support in the coming year.

Bitcoin Price Trend Forms "Symmetrical Triangle Pattern" - Is a Breakthrough of $100,000 Imminent?

From the one-hour price chart of BTC, Bitcoin is currently rebounding, with its RSI (yellow line) bouncing back from the 30 level last night.

This reflects that upward momentum is strengthening, but the most bullish signal in the chart is that Bitcoin's resistance and support levels have formed a classic triangular pattern.

Source: TradingView

In other words, the current price level is compressing BTC prices into a narrower range, approaching a critical point for an imminent breakout.

In the past few weeks, BTC experienced a pullback due to failing to break through the $100,000 mark around November 22.

Since then, Bitcoin has gradually regained momentum, further boosted by the positive news regarding Paul Atkins and the potential support from BTC reserves, driving its rebound

The dual benefits of fundamentals and technicals have increased the likelihood of significant fluctuations in BTC in the short term, although CoinShares' latest fund flow data indicates that institutions remain cautious.

Therefore, we may need to wait about a week to see significant market movements, but this breakout is expected to arrive before the end of the year.

In the long term, the outlook for Bitcoin is extremely optimistic, especially with Trump's return, which is expected to bring very bullish policy announcements.

Not only might states and businesses in the U.S. increase their holdings of BTC as a reserve asset, but the new Trump administration is also expected to introduce friendly cryptocurrency legislation.

As a result, Bitcoin's price could break $125,000 in the first quarter of 2025 and further rise to around $150,000 in the second half of that year.

Strong Altcoins Boost Market Outperformance

Bitcoin will continue to lead the cryptocurrency market for the foreseeable future, but many other tokens will also achieve significant gains in the current bull market.

In fact, new coins often outperform BTC in percentage gains, especially those with real application scenarios and solid fundamentals.

One new token with bullish characteristics is Wall Street Pepe (WEPE), which is an ERC-20 token that has just launched its presale.

WEPE has raised $400,000 in less than 24 hours, demonstrating its strong appeal and future potential.

WEPE is not just another ordinary meme coin; it is also a platform that provides traders with analysis and market insights.

By holding its native token, the Wall Street Pepe platform will offer users exclusive buy signals and insider trading strategies.

Additionally, the platform will establish a community where users can not only share trading tips and analyses but also participate in trading competitions Winners of the competition will receive rewards paid in WEPE, and this token also supports staking features, providing additional income for holders.

All of this makes Wall Street Pepe appear very promising, and investors can participate in the presale by visiting its official website.

There, they can purchase WEPE at a price of $0.000202, but the price will increase in less than three days.

Therefore, traders should act quickly, as early signs indicate that Wall Street Pepe could become a major project