FameEX Hot Topics | 10x Research Predicts Bitcoin Could Reach $122,000 by February
Bitcoin is currently exhibiting a favorable price pattern, potentially leading to a rise to $122,000 in the next few weeks. A report from Markus Thielen, Head of Research at 10x Research, suggests a 15% rally for Bitcoin in the near term, possibly reaching $122,000 by February, before entering a phase of consolidation.
According to Thielen's analysis in the January 21 market insight, Bitcoin has successfully retested its wedge breakout, which presents a "low-risk, high-reward entry opportunity" for traders. This positive movement has sparked optimism among investors as it indicates the potential for a significant price increase. The successful retest is seen as a signal of stability, suggesting that Bitcoin may be poised for further growth in the short term.
One key pattern identified by Thielen is Bitcoin's consistent price movement in $16,000 to $18,000 increments since the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. last year. If this trend continues, Bitcoin could reach the $122,000 target by February. Furthermore, the report suggests that BTC may even trade higher before retesting the level as support, strengthening the bullish outlook.
A critical price level for Bitcoin's continued bullish trajectory is $106,000. Breaking past this level would signal that the established price pattern is holding strong. Traders and investors are closely monitoring Bitcoin's movements, hoping that the price will maintain its bullish momentum and establish new support levels above $106,000.
Currently, Bitcoin is trading between $100,000 and $110,000. It will be interesting to see how strong the next breakout will be and whether Bitcoin continues respecting its typical $16,000 to $18,000 increments. The coming weeks could prove crucial in determining Bitcoin's price trajectory moving forward.
Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.