Many analysts are ruminating on the next significant milestone, as the remarkable price increase of Bitcoin has captivated the market’s attention. A research company, 10x Research, predicts thatthe alpha coin could reach $122,000 by February. Although this may appear to be an ambitious goal, it is consistent with the optimistic perspective of numerous experts who have observed Bitcoin’s capacity to surpass critical price thresholds since the approval of Bitcoin ETFs.
Bitcoin: Robust Momentum
The momentum of Bitcoin is undeniable. In recent months, its price has fluctuated in a consistent manner, with periodic increases that have typically occurred within the $16,000–$18,000 range.
Markus Thielen of 10x Research believes that these consistent increases indicate a continuation of upward movement, which implies that $122,000 is feasible in the near future. Thielen underscores that the crypto asset’s market conduct may experience a pause upon attaining this objective, despite the optimistic outlook.
Thielen believes Bitcoin’s breakout presents a “low-risk, high-reward entry opportunity,” with Bitcoin trading at $105,727. He noted that after Donald Trump’s inauguration, BTC tested the $101,000 resistance, making it a favorable time to buy with stop-losses around $98,000.
Thielen also pointed out that Bitcoin has risen in $16,000–$18,000 increments since the launch of spot Bitcoin ETFs in the US, suggesting it could reach $122,000 by February before entering another consolidation phase.
Expectation Of Consolidation Following The Surge
A period of consolidation may ensue following Bitcoin’s prospective ascent to $122,000. This phase, during which its price stabilizes prior to another outburst, has been a recurring trend throughout its history. Investors should anticipate this period of sideways price action, which may present new opportunities for those who are anticipating a more favorable entry point.
Strength In Relation To The Stock Market
The optimistic forecast is also in line with the relative strength of Bitcoin in comparison to traditional markets. Despite the challenges that equities have encountered, it has demonstrated remarkable resilience.
Due to the increasing number of institutional investors who are investing in Bitcoin, the price of this digital asset is becoming less correlated with the broader financial market. This pattern has the potential to intensify the upward trajectory toward $12,000.
Meanwhile, according to current price predictions, the price of Bitcoin is predicted to rise by 24% and reach $ 130k by February 21, 2025. Technical indicators, according to CoinCodex, show the current sentiment is Bullish while the Fear & Greed Index is showing 84 (Extreme Greed).
When?
Though historical success of Bitcoin does not ensure future outcomes, the present conditions are favorable for more growth. The cornerstone for any price increases is Bitcoin’s ability to profit on positive news, such as ETF approvals, together with institutional support. The question is not whether Bitcoin will hit $122,000; rather, when.
Featured image from Getty Images, chart from TradingView
Source: NewsBTC