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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction: BTC/USD to Hit $122,000 Before Entering Correction Phase
Jan 22, 2025 at 05:41 pm
An analysis has emerged suggesting that Bitcoin will reach $122,000 before entering a correction phase. On the 21st (local time), Markus Thielen
An analysis has emerged suggesting that Bitcoin will reach $122,000 before entering a correction phase.
On the 21st (local time), Markus Thielen, an analyst at 10X Research, stated this in a report. $122,000 is approximately a 16% increase from Bitcoin's current price.
He mentioned, “After the approval of the Bitcoin spot ETF, Bitcoin tends to surge in increments of $16,000 to $18,000,” and added, “Considering this pattern, it is highly likely to reach $122,000 by February.” However, he also noted that after reaching $122,000, it will enter a correction phase.
Moreover, he said, “Bitcoin has risen from $98,937 to $107,000, successfully testing the wedge breakout,” and emphasized, “The breakout signal shown on the chart provides a low-risk, high-reward entry opportunity.”
A wedge breakout is a phenomenon where significant price movement occurs after breaking through a contracting triangular pattern (wedge).
As of 6:41 PM, Bitcoin is trading at $104,995 on the Binance USDT market, up 2.52% from 24 hours ago.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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