On January 19th, Bitcoin (BTC) approached fresh peak levels for the month, as investors prepared themselves for the resumption of Bitcoin’s market-determined pricing.
Bitcoin all-time highs expected “pretty soon”
According to data from both CryptoMoon Markets Pro and TradingView, it appears that the BTC/USD pair was almost at $105,500 on Bitstamp before the end of the weekly trading period.
As a researcher, I found myself drawn towards Bitcoin, with its value surging approximately 12% within the past month, and merely a day left before the inauguration of the newly elected U.S. President, Donald Trump.
On the given day, Trump’s debated digital currency, known as OFFICIAL TRUMP (TRUMP), surpassed a market capitalization of $11 billion, propelling it into the ranks of the top 20 largest cryptocurrencies.
Amid a broadly positive outlook for crypto, traders began to eye new records.
In a recent post on platform X, trader Pentoshi forecasted that the all-time high (ATH) for Bitcoin ($BTC) is likely approaching, as per his opinion.
Crypto trader Moataz Elsayed, who goes by ‘Eljaboom’ on platform X, characterized Bitcoin as moving into the “conviction stage” in its ongoing pricing trend.
He predicted to his X followers that “Reaching $150,000 for Bitcoin is possible within this cycle,” as shown in the chart illustrating similarities between current Bitcoin price movements and those from four years ago.
Daan Crypto Trader, despite his affirmation, also recognized the importance of maintaining a crucial support level as we approach the end of the weekly period.
“$BTC Clean retest of the prior yearly high,” his latest market analysis read.
“Looks good for a move to the all time high next week as long as that ~$102.7K level is held.”
BTC price targets converge around $122,000
The expected BTC prices continue to be high, as traders anticipate not just exploration of new pricing levels, but also a potential increase of 20% or higher in the near future.
One of them was renowned commentator Nunya Bizniz, who zeroed in on a rising trend line that seemed poised for a breakthrough.
An accompanying chart highlighted a target of $122,000 for around the start of February.
The diagram you see was posted by Keith Alan, one of the co-founders of trading resource Material Indicators, during the price surge following the breakout from what’s commonly known as a “cup-and-handle” pattern on the Bitcoin weekly price chart.
He stated on January 17 that Bitcoin has returned to significant moving averages and is gradually heading towards record high levels again.
“Double Top Resistance lives at $108k, Psychological Resistance at $110k, Cup & Handle Target at $122k.”
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2025-01-19 12:53