Bitcoin Price Poised for a $100K Breakout in 48 Hours—If This Pattern Holds!
Author:Edited by:Published on: 08 Feb 2025, 4:21 amKey Insights:Bitcoin forms a symmetrical triangle on 1-Hour charts.This pattern could yield a breakout by 9 Feb 2024.A breakout could help establish a $100k price within a day, while a breakdown could send Bitcoin towards $91k.Bitcoin's increasing dominance and weakness in altcoin markets could skew the odds in favor of BTC in the long term.Bitcoin Sees Symmetrical Triangle in Hourly ChartsSymmetrical Triangle in Bitcoin Charts on 7 Feb 2025TradingviewBitcoin has seen the formation of a symmetrical triangle pattern on its hourly charts. This pattern is expected to yield a breakout soon on the upper side, taking Bitcoin above $100k very soon. We expect Bitcoin to reach $102k on the same day as the breakout and $106k by the end of the week.A symmetrical triangle pattern is neutral and yields both bullish and bearish results. In both cases, the price after the breakout is significantly higher or lower than just before. This is because, just after a breakout or breakdown, the market moves in a certain manner and in a certain trend. During this trend, fence sitters often switch sides, making the rally or fall even more intense.In this analysis, we used hourly charts due to the low volatility of Bitcoin today.In the long term, Bitcoin remains a solid growth vehicle with consistent corporate buying, ETF inflows, and whale buying. JUST IN: 🇯🇵 Metaplanet stock price hits a new 8-year high 🚀Metaplanet currently holds 1,762 #Bitcoins.— Elon Musk (Parody) (@elonmuskMMMM) February 5, 2025 Bitcoin's Increasing Dominance Shadows Altcoin SeasonBitcoin Dominance ChartCoinMarketCapAt present, Bitcoin's dominance is one of the highest in around 3 years. This increase in dominance was significant in the last 14 days when the markets crashed after the US-Canada-Mexico trade war.The leading cause of this rise in BTC's dominance seems to be the correction in altcoin markets, while BTC maintained its price close to $100k. A look at the altcoin market cap reveals that altcoins slid from $1.5 trillion to $1.23 trillion in just the last 7 days. This fall was accompanied by a less intensive decline in the Altcoin Season Index.Altcoin Season Index Chart and Altcoin Market CapCoinMarketCapAlthough the altcoin ETFs are scheduled for approval, and a few altcoins might end up in the US National Digital Asset Stockpile, the David Sacks team will not submit its first report for almost six months.Further, the latest comment from Donald Trump on "Bitcoin reserves" makes it more likely that it might not include any altcoins.Will The Altcoin Season Even Come?Several experts now agree that an Altcoin Season had already arrived when Trump saw his election victory. Several cryptocurrencies like Dogecoin, XRP, and Solana saw triple-digit gains. Memecoins, too, saw their fortunes rise, with new cryptocurrencies launching almost every second. Finally, the launch and instant success of Trump and Melania memecoins also saw the altcoin season at its peak.Going by this logic, one could argue that the current altcoin was one that saw horizontal growth with several projects but lacked significant vertical growth like the last one. In previous altcoin seasons, the number of cryptocurrencies was never as large as now. Presently, over 10.29 million cryptocurrencies are listed on global exchanges, whereas in the last alt season (2017 to 2018), we remember it was barely a million. Compare these two figures with the first altcoin season around 2013, when there were about 350 cryptocurrencies in total.Will Bitcoin Sustain Above $100k?Bitcoin is likely to sustain over $100k because of several fundamental reasons. Corporate Funds and ETF inflows have often helped overcome retail crypto selling by buying during market dips. The largest among them is MicroStrategy, which has recently taken a break from its last 12-week buying streak.Further, given Trump's AI and Crypto Czar's assurance of a Bitcoin reserve, the likelihood of the reserve taking shape seems imminent.Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.