BTC Prices are in a strong Momentum formation as analysts predict a 15% spike from the current levels. Markus Thielen of 10x Research thinks the dark horse cryptocurrency may hit a price of $122,000 by the end of next week, at which point it will likely enter a period of consolidation.
On January 21, Bitcoin traded at $105,727, based on data from CoinMarketCap, after first bouncing from $98,937 to above $107,000. Thielen referred to recent price action as a “low-risk, high-reward entry opportunity” that broke out of a technical wedge paradigm. “Traders can use $98,000 as the stop-loss level, minimizing risks while gaining potential upside,” he explained.
Thielen noted Bitcoin now tends to rise in 16,000-18,000 chunks ever since spot Bitcoin exchange-traded funds (ETFs) were green-lit in the United States last year. Following this pattern, Bitcoin could reach $122,000 in February, before possibly moving higher and descending into a consolidation.
Bitfinex analysts shared the same optimism, highlighting Bitcoin’s strong rebound and strength amidst a stock market crash. They said Bitcoin’s performance showed “impressive relative strength.”
Bitcoin crossing above $106,000 is a significant technical hurdle, according to Thielen. This would validate its uptrend remains alive, opening it up for additional upside.
Keith Alan, co-founder of trading resource Material Indicators, also predicted a rise to $122,000. His analysis was predicated on a potential bullish “cup-and-handle” pattern emerging in Bitcoin’s weekly chart. Bitcoin’s recent price action has retaken important moving averages indicating a possible return to all-time-high territory, according to Alan.
The positive market sentiment follows Bitcoin’s testing of resistance at $101,000 on January 20, against some major macroeconomics. Cryptocurrency analysts believe that the current setup for the crypto presents a solid opportunity for traders and investors.
Bitcoin has the potential to cross $122,000 in a few weeks and the outlook is positive despite some short-term volatility.
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