BTC, SUI, PEPE Analysis: Bitcoin’s Correction Below $100K Threatening Altcoins?

Bitcoin (BTC) bulls could not hold prices above the recently achieved $100,000 milestone. A sharp correction ensued after the top cryptocurrency established a new record high of around $103,650, turning profit-takers away and leaving the market for more risk-oriented investors.

That is visible in Bitcoin’s ability to float above the local support level of $96,500. Looking broadly, the cryptocurrency is merely consolidating sideways following its 50%-plus rally since November. Technically, the sideways trend after a strong uptrend convinces the market of an impending bullish continuation move.

Some altcoins have rallied strongly despite Bitcoin’s correction move, suggesting growing capital flows into assets that seem underbought compared to the benchmark crypto.

That includes Sui (SUI), a layer-one blockchain cryptocurrency, which has rallied by over 13.50% in the last 24 hours. Meanwhile, the Pepe (PEPE) coin indicates a strong upside push in the coming days.

Bitcoin (BTC) Technical Analysis

BTC/USD Four-Hour Price Chart — Failed Symmetrical Triangle Breakout

Bitcoin’s price action on the four-hour chart shows a failed breakout attempt from a symmetrical triangle pattern. Notably, the cryptocurrency rallied to test the triangle’s upper trendline on Dec. 5, only to reverse sharply back into the consolidation range.

A lack of follow-through buying signals exhaustion among bulls, while the sharp rejection highlights bearish resilience near the $102,000 level. Nonetheless, symmetrical triangles are generally continuation patterns, where a breakout above or below the triangle’s trendlines often leads to a move equivalent to the pattern’s maximum height.

A decisive breakout above the triangle’s resistance near $102,000 in Bitcoin could push BTC toward $116,000 by December’s end.

Conversely, if Bitcoin fails to reclaim momentum and breaks below the triangle’s support around $96,000, it could trigger a downward move toward $82,000—aligning with the triangle’s measured downside target.

BTC/USD Weekly Price Chart — A Rise to $144,000 Looks Probable

On the weekly chart, Bitcoin has entered a consolidation phase above its 1.618 Fibonacci extension level, near $96,000, after posting an impressive rally in recent months. The 1.618 Fib level, derived from the retracement of Bitcoin’s peak-to-trough move between 2021 and 2022, is now a critical support level.

If BTC/USD can hold convincingly above the $96,000 support, it could set the stage for another leg higher toward the next major Fibonacci extension level—the 2.618 Fib—near $144,000 by March 2025.

The weekly relative strength index (RSI) for BTC/USD is overbought, hovering above 76. Historically, elevated RSI levels suggest a higher likelihood of a correction or consolidation as overextended rallies lose momentum.

The proximity of Bitcoin’s 50-week exponential moving average (EMA), currently near $63,600, supports this bearish outlook. If Bitcoin fails to hold above $96,000, this EMA serves as a potential downside target.

Sui (SUI) Technical Analysis

SUI/USD Four-Hour Price Chart — A 15% Correction Likely in December

The SUI/USD pair has reached its upside target after completing an inverse head and shoulders pattern. The breakout above the neckline around $3.70 set the stage for a measured move toward $4.45, which aligns with the pattern’s height.

However, signs of overbought momentum, as reflected by the four-hour relative strength index (RSI), suggest a potential correction phase in the near term.

The four-hour RSI for SUI/USD has entered the overbought territory, hovering near 80. If selling pressure increases, SUI could experience a pullback toward immediate support levels, starting with its 50-period EMA near $3.67.

In other words, a 15% drop by December’s end.

SUI/USD Weekly Price Chart — Key Support Paints 35% Rally Setup

SUI’s weekly chart suggests that the cryptocurrency is pivotal, consolidating just above the 2.618 Fibonacci extension level near $3.73, a resistance-turned-support line.

If SUI holds above $3.73, it could validate the breakout and pave the way for continued bullish momentum. The next significant upside target emerges at the 4.236 Fibonacci level near $5.79, up about 35% from the current price levels.

Conversely, if SUI closes a weekly candle below $3.73, it could signal a bearish reversal. Such a move would invalidate the breakout and open the door for a deeper correction toward the 1.618 Fibonacci level near $2.46—a nearly 35% decline from the current price.

The overbought RSI, which is currently hovering above 76, supports the possibility of a pullback.

Pepe (PEPE) Technical Analysis

PEPE/USD Four-Hour Price Chart — Solid 130% Rally Setup in Play

The PEPE/USDT pair forms a bull pennant pattern on the four-hour chart, a classic continuation setup characterized by a consolidation phase following a strong upward move.

The pattern typically resolves in the direction of the preceding trend, with the breakout target determined by the height of the initial rally (flagpole).

The height of the PEPE flagpole—the initial rally preceding the consolidation phase—measures approximately $0.00000294. Adding to the potential breakout point near $0.00000220 suggests a bullish breakout target near $0.00000511, representing an upside of over 130% from current levels.

Conversely, traders should monitor key support levels in case of a failed breakout. The lower boundary of the pennant near $0.00000200, reinforced by the 50-period EMA, serves as the first line of defense. A breakdown below this level could invalidate the bullish setup, exposing the price to further declines toward the 200-period EMA near $0.00000178.

PEPE/USD Weekly Price Chart — Major Breakout Underway

The PEPE/USDT weekly chart shows a confirmed breakout from a symmetrical triangle, a neutral continuation pattern that often signals a resumption of the preceding trend once resolved.

The height of the symmetrical triangle’s widest point is approximately $0.00000305, which is added to the breakout level near $0.00000200 to project an upside target of $0.00000505. This level aligns with psychological resistance and could attract profit-taking activity from short-term traders.

In the event of a pullback, the former triangle resistance near $0.00000200 now serves as immediate support. A breakdown below this level could invalidate the bullish setup, opening the door for a potential correction toward the 50-week EMA near $0.00000094.