FameEX Hot Topics | 10x Research Forecasts Bitcoin May Reach $122,000 by February

Bitcoin is currently showing a promising price pattern that could push its value to $122,000 in the coming weeks. According to a report by Markus Thielen, Head of Research at 10x Research, Bitcoin could experience a 15% rally in the short term. This rally may drive the cryptocurrency to $122,000 by February, before a potential consolidation phase sets in.

Thielen's analysis, presented in a January 21 market insight, highlights that Bitcoin has successfully retested its wedge breakout, creating what he describes as a "low-risk, high-reward entry opportunity" for traders. This retest signals a potential for growth, as Bitcoin's ability to maintain its breakout levels indicates stability and could lead to further upward momentum in the near future.

A key pattern identified in the report is Bitcoin’s price movement, which has consistently increased 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 pattern continues, Bitcoin could easily reach the $122,000 mark by February. The report further suggests that Bitcoin could trade higher before eventually testing this level as support, solidifying the bullish outlook.

A critical price point for Bitcoin’s ongoing bullish trend is $106,000. Breaking this level would signal that the established price pattern is intact and that Bitcoin is set for further gains. Traders and investors are closely monitoring these movements, with hopes that Bitcoin will maintain its bullish momentum and establish new support levels above $106,000.

Currently, Bitcoin is trading between $100,000 and $110,000. The coming weeks will be crucial in determining whether Bitcoin can maintain its upward trajectory, with many watching closely to see if it continues respecting the typical $16,000 to $18,000 increments.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.