Bitcoin Price: $105,000 to $122,000 in the Coming Weeks, Says Expert
Bitcoin Price– Bitcoin (BTC) could experience a notable surge of up to 15% from its current price in the coming days, but it may then enter a consolidation phase, according to Markus Thielen, Head of Research at 10x Research. Thielen’s analysis points to a potential short-term rally, followed by a period of price stabilization.
Bitcoin Breakout Signals Low-Risk, High-Reward Opportunity
Thielen highlighted that Bitcoin’s recent price action shows a successful breakout after bouncing from a low of $98,937 and rising above $107,000 on January 21. This breakout is seen as a bullish signal in technical analysis, suggesting that Bitcoin could see further upward movement. Thielen described the breakout as a “low-risk, high-reward entry opportunity” for traders.
As of the time of publication, Bitcoin is trading at approximately $105,727 according to CoinMarketCap. Thielen’s analysis points out that Bitcoin’s current pattern could offer traders a chance to enter with limited downside risk, especially if stop-loss orders are set near the $98,000 level.
Bitcoin Shows Strong Recovery Amid Market Volatility
Thielen’s market outlook is supported by the broader trend in the crypto market. In a January 21 market report, Bitfinex analysts shared similar sentiments, noting that Bitcoin’s strong recovery continues to demonstrate its “impressive relative strength compared to the stock market.” This resilience in the face of broader market volatility is contributing to optimism in the crypto sector.
Testing Key Resistance Levels: $101,000 and Beyond
After Bitcoin’s price bounced back following President Donald Trump’s inauguration on January 20, it tested the “upper wedge” resistance level around $101,000. Thielen suggests that this is another crucial point for traders to monitor, as the price could potentially break through this resistance in the coming days. The successful breakout above this level could set Bitcoin on a path toward further gains, with limited risk for those positioned carefully.
Bitcoin’s Growth Pattern: $16,000 to $18,000 Increments
Thielen also noted that Bitcoin has been following a consistent pattern of upward movement in increments of $16,000 to $18,000 since the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. a year ago. This pattern, according to Thielen, suggests that Bitcoin could potentially reach $122,000 by February before entering a phase of consolidation.
Potential for Bitcoin to Exceed $122,000
Thielen cautioned, however, that Bitcoin’s rally may not stop at $122,000. “Should the pattern hold, Bitcoin may not only reach $122,000 but could also trade significantly above this level before retesting it as support,” Thielen added. This suggests that the cryptocurrency could experience a stronger rally than anticipated, potentially breaking new price records in the process.
To confirm this continued bullish trend, Thielen pointed out that Bitcoin’s price needs to break past the $106,000 level, which would signal the continuation of the established pattern. “Breaking above $106,000 is significant to signal the continuation of the established pattern,” he said.
Keith Alan’s $122,000 Prediction
Adding to the optimism, Keith Alan, co-founder of trading resource Material Indicators, also predicted that Bitcoin could hit $122,000 in the near future. Alan pointed to a breakout from a “cup-and-handle” pattern on Bitcoin’s weekly chart as a key technical signal. This pattern is often associated with bullish price action, supporting the idea that Bitcoin could see further price increases.
“Bitcoin has reclaimed the key moving averages and is grinding back toward ATH Territory,” Alan said on January 17. ATH refers to an “All-Time High,” and Alan’s comments suggest that Bitcoin is moving closer to testing its previous record highs.
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