2025 has seen a 8.5% increase in Bitcoin’s (BTC) value, while the overall cryptocurrency market is showing positive signs as it approaches President-elect Donald Trump’s inauguration on January 20th, suggesting a bullish trend.
As Bitcoin surpassed $100,000 once more, numerous financial experts have predicted fresh record highs for this premier cryptocurrency in the near future.
Could Bitcoin hit $138K in February?
On December 8th, Bitcoin ended the day with a value over $100,000 for the first time ever. However, since then, it has remained above this level for just six days. A daily close above $100,000 could mark a significant shift in Bitcoin’s direction, and according to crypto trader Posty, the current price movement suggests that the bullish rally from Q1, 2021 is continuing.
Over a span of four years, the trader evaluated the principle of diminishing returns and came to the conclusion that, based on Bitcoin’s past cyclical trends, it could potentially reach a value of approximately $138,000 by February.
Simultaneously, Bitcoin supporter Cryptochimpanz observed a potentially unfavorable pattern emerging on the monthly Bitcoin chart, reminiscent of its past bull market. He expressed this observation as a “tough” or “difficult” configuration.
“If we follow a similar path, the price of Bitcoin can go as high as $200k.”
In simple terms, Axel Adler Jr., a Bitcoin researcher, pointed out that about 90% of all Bitcoins are currently generating a profit. He suggested that if there aren’t any major unexpected events (known as “black swans”), the drops in Bitcoin’s price might be small and could resemble the bull run of 2017 more than the one seen in 2021, where China’s ban on Bitcoin mining temporarily interrupted the upward trend.
Bitcoin’s Coinbase premium at breakeven point
Following a stretch of intense buying activity between December 18 and January 2, the Coinbase premium for Bitcoin has now returned to its normal level, as noted on January 4. In a recent article on CryptoQuant, an unidentified Bitcoin analyst known as IT Tech commented that this return indicates that “the sentiment among US and institutional investors is once again balanced.
Keep in mind that the price difference on Coinbase often reflects the attitude of U.S. retail investors more so than institutional ones.
However, as previously mentioned by CryptoMoon, the total transactions made by Bitcoin retail investors have noticeably decreased since Bitcoin reached $108,000 in the previous month.
Over the past month, the number of small retail transactions below $10,000 has reached record lows, last seen in September 2024. With this decline dropping below -10%, Darkfost, a cryptocurrency analyst, explained that it indicates a substantial decrease in retail interest. However, he also suggested that this situation presents an excellent long-term buying opportunity.
Technically speaking, Bitcoin surpassed its bullish trend barrier when it ended a weekly candle above $97,000.
As a crypto investor, I’ve noticed the recent surge taking Bitcoin above the $100,000 mark, which is an encouraging sign. However, as advised by Crypto Scient, a seasoned markets trader, this level remains crucial for Bitcoin. In his words, $100,000 serves as a significant turning point for the world’s leading cryptocurrency.
“$BTC, Unless we breach $99k and flip it to support, I think we will see lower prices in Jan. Pretty simple triggers for me here: Break and flip $99k or retest or $90-88k zone.”
This piece serves primarily as a source of general knowledge and isn’t meant to offer legal or financial guidance. The perspectives, ideas, and opinions within this text belong solely to the writer and may not align with or be endorsed by CryptoMoon.
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2025-01-06 21:43