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.
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.
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.
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.
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.
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.
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.
BTC had retraced its steps over the past couple of weeks, having failed to break through the $100,000 level around November 22.
In fact, new coins can often outperform BTC in terms of percentage gains, particularly if they come with genuine utility and fundamentals.
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.
WEPE isn’t simply another bog-standard meme token, but also a platform that will provide traders with analysis and market insights. There, they will be able to buy WEPE at a price of $0.000202, although this will increase in just under three days.
It has already raised $400,000 in just under 24 hours, providing a very strong sign of its appeal and future success.