So, Bitcoin might just decide to throw a party and climb 15% in a matter of days. 🎉 But hold your horses, folks! After that, it might just want to chill out in a phase of consolidation. Thanks for the heads-up, 10x Research’s Markus Thielen! 🙄
According to Thielen, Bitcoin (BTC) “successfully retested its wedge breakout.” I mean, who knew Bitcoin was so into geometry? It bounced from $98,937 to over $107,000 on January 21. Talk about a glow-up! 💁♀️
Breakout signals ‘low-risk, high-reward entry,’ says Thielen
Thielen claims that Bitcoin’s price chart is sending out signals for a “low-risk, high-reward entry opportunity.” Sounds like the kind of invitation I’d RSVP to! Bitcoin is currently trading at $105,727, according to CoinMarketCap. 🤑
Bitfinex analysts are on the same page, saying Bitcoin’s recovery is showing “impressive relative strength compared to the stock market.” I mean, who wouldn’t want to be the overachiever in the class? 📈
Thielen also mentioned that after Bitcoin’s price “came back” following Donald Trump’s inauguration on January 20, it tested the “upper wedge” resistance level at around $101,000. Sounds like Bitcoin is playing hard to get! 😏
He’s all about that low-risk, high-reward life, suggesting traders could set stop-losses at $98,000. That way, they can limit losses while dreaming of the big bucks. 💸
Thielen pointed out that Bitcoin has a habit of jumping in “$16,000 to $18,000 increments” since the approval of spot Bitcoin exchange-traded funds in the US last year. So, if it keeps this up, we might just see it hit $122,000 by February before it decides to take another nap. 💤
Rally may go higher than $122,000
But wait, there’s more! Thielen added that this rally might not stop at $122,000. If the pattern holds, Bitcoin could trade significantly above that level before coming back down to retest it as support. It’s like a rollercoaster ride, but with more money and fewer safety harnesses! 🎢
However, he did mention that BTC breaking past $106,000 is “significant” for the continuation of this established pattern. So, keep your eyes peeled, folks! 👀
Keith Alan, co-founder of trading resource Material Indicators, also thinks BTC will hit $122,000 thanks to a breakout from a cup-and-handle pattern on the Bitcoin weekly chart. Sounds fancy, right? 🍵
“Bitcoin has reclaimed the key moving averages and is grinding back toward ATH Territory,” Alan said on January 17. So, buckle up, everyone! It’s going to be a bumpy ride! 🚀
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2025-01-22 10:00