Bitcoin (BTC) Price Predictions: Will BTC/USD Surpass $100K This Time?

Bitcoin continued to trade above $100,000 on Jan. 7 after a choppy Wall Street trading session. Where will its price go next?

Bitcoin ( BTC ) price continued to trade above the $100,000 mark on Jan. 7 following a choppy Wall Street trading session. Where will its price go next?

Traders and other market commentators shared their short-term Bitcoin price predictions as data from Cointelegraph Markets Pro and TradingView confirmed 4% daily gains.

Bitcoin “head and shoulders” ripe for failure

Bitcoin bulls beating a path back to six figures means that some bearish chart signals may no longer be valid.

Among them is the “head and shoulders” pattern on daily timeframes that had been playing out through December.

Here, an uptrend traditionally reverses in three local peaks, two lower “shoulders” with a higher “head” between them. In Bitcoin's case, the current all-time high of $108,000 marked the head.

For trader and analyst Aksel Kibar, there is cause to consider that the head and shoulders reversal may fail.

“$BTCUSD On daily scale formed a similar H&S top. Price is now challenging the high of the possible right shoulder,” he reported in a dedicated X thread on the topic.

BTC/USD chart. Source: Aksel Kibar/X

Kibar added that bears could push BTC price down significantly — even to near the old all-time high of $73,800 from last March — and still fail to cancel the bull run entirely.

“Even if the H&S top succeeds and price reaches 80K, this price action can be part of the pullback following the breakout above 73.7K,” he said.

BTC price cup and handle breakout still in play

Another chart formation on the radar is the so-called cup and handle, which, for BTC/USD, is at a critical point.

After returning to the March highs and continuing up, multiple retracements to near $90,000 made some traders nervous that the traditionally bullish cup and handle may break down. Now, hope is returning.

“Bitcoin looks ripe to complete the cup & handle formation,” trader Jelle told X followers this week, offering a target of $140,000.

BTC/USD chart. Source: Jelle/X

For Kibar, too, the formation remains a valid long-term navigation tool. As Cointelegraph reported, his monthly chart currently has a target of $137,000 in the event of success.

Others have eyed the phenomenon for several months, with price targets varying.

“Weekly Cup and Handle targets $125000 still in effect,” commentator MartyParty confirmed in an X post on Dec. 31 as BTC/USD traded at $94,000.

BTC/USD chart. Source: MartyParty/X

Fibonacci levels speak volumes

Zooming out further, Keith Alan, co-founder of trading resource Material Indicators, is concerned with where the bull market may put in its real top.

Even this week's surge was capped by a familiar Fibonacci retracement level, he noted on X, with old 2021 all-time highs still influencing price.

“This time it came from the 1.618 Fib,” he wrote about short-timeframe rejection.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Those levels include $110,000 and $122,500 thanks to the cup and handle — numbers already familiar to Cointelegraph readers.

“If price continues up from there, the lower end of the Lifetime Channel serves as the glass ceiling on price discovery,” Alan concluded alongside an accompanying chart.

BTC/USD 1-week chart with Fibonacci levels. Source: Keith Alan/X