The price rate of Bitcoin has hit another new all-time high price near $94,000. Experts claim that the coin will increase up to $100k by the end of November. The current move is backed up by technical patterns, market dynamics, and election aftermath expectations for U.S. crypto-related policies.
Post-Election Impact and Speculation on SEC Leadership
The presidential election in the USA has been a major cause that affected the cryptocurrency market. Donald Trump’s policies as the president are believed to support this industry, given his policies when he was an electoral candidate. In this regard, some tales about his possible nominations for a new Securities and Exchange Commission (SEC) chair have emerged. The market expects that the appointment of a pro-crypto leader can improve the uptake of institutional offers.
Emerging information indicates that the former SEC attorney, Teresa Goody Guillén, could be the next SEC chair. Goody is a known advocate for regulatory clarity in the crypto industry. Her leadership could signal a move toward fostering innovation while ensuring investor protection. Additionally, Mark Uyeda, a current SEC commissioner, and Paul Atkins, a former SEC commissioner, remain in the mix of potential candidates. Both have histories of favoring lighter regulation, aligning with the industry’s interests.
Bitcoin Surges Above $91K As XRP Declines Amid Crypto TrendsThe potential appointment of a pro-crypto SEC chair could provide the regulatory clarity needed to sustain Bitcoin’s bullish momentum. As the market reacts to these developments, technical indicators are reinforcing Bitcoin’s bullish trend.
Ascending Triangle Pattern
Bitcoin’s recent upward movement follows an ascending triangle pattern visible on the 4-hour chart. This technical structure indicates a continuation of the bullish trend. Bitcoin is trading at $92,479 during reporting, reflecting steady growth. Analysts suggest that breaking the $94,000 resistance level could pave the way for a rally to $100,000.
Market participants are closely watching Bitcoin’s price action as it remains above critical support levels. The Relative Strength Index (RSI) is at 58, indicating room for further price movement. Consistent closes above the $92,000 level could validate the upward trajectory.
BTC Dominance Rises Amid Bullish Momentum
The Bitcoin dominance (BTCDOM) chart shows steady progress, currently at 60.50%. The weekly chart highlights an ascending wedge pattern, suggesting Bitcoin is outperforming altcoins. Historically, rising BTC dominance signals a strong Bitcoin-led market rally. This trend supports predictions of further upside in Bitcoin’s price.
Bitcoin’s market cap now stands at $1.81 trillion, supported by a 24-hour trading volume of $76.63 billion. The strong trading activity reflects increasing confidence in Bitcoin’s ability to surpass $100,000. Market sentiment remains positive as investors anticipate new highs before the month ends.
In summary, Bitcoin’s technical indicators, combined with favorable political developments and increasing market dominance, suggest a strong potential for reaching $100,000 in the near term. Speculation about Trump’s potential SEC chair nomination, with pro-crypto candidates in focus, adds to the optimism. With Bitcoin dominance increasing and key resistance levels in focus, the market anticipates a significant rally before the end of November.
