Bitcoin enters second price discovery uptrend
As the crypto-friendly administration of Donald Trump takes office, Bitcoin (CRYPTO:BTC) has reached a new all-time high (ATH) of $109,000, sparking optimism among investors.
This surge comes as Bitcoin surpassed the $100,000 mark for the first time in over ten days, driven by bullish expectations surrounding January 20.
The launch of Trump's official TRUMP (CRYPTO:TRUMP) memecoin also contributed to market activity, with the token seeing a significant rise to a $75 ATH and a market cap of $15 billion, despite facing criticism from the crypto community.
Bitcoin established a support zone at the key $102,000 resistance level, climbing to a one-month high of $106,000 before experiencing a brief 6% correction following the introduction of another memecoin by the incoming First Lady.
Despite this volatility, analysts are optimistic about Bitcoin's trajectory.
Daan Crypto Trades noted that BTC had a strong start to the week and indicated potential for further gains.
Crypto analyst Altcoin Sherpa suggested that Bitcoin's price could experience short-term fluctuations based on Trump's inauguration speech.
“If a Strategic Bitcoin Reserve is announced, I think BTC puts in a god candle, and everything sends,” he stated.
Rekt Capital pointed out that Bitcoin appears to be entering a new price discovery phase.
He explained that historical patterns indicate this phase follows a post-halving parabolic upside period.
According to Rekt Capital, “Bitcoin is now trying to breakout from its $101k-$106k range,” and a daily close above this resistance would confirm the breakout and lead to further price discovery.
Analyst Crypto Jelle highlighted BTC’s multi-year cup and handle pattern, suggesting that Bitcoin is poised for significant upward movement.
He projected a long-term target of $140,000.
At the time of reporting, the Bitcoin (BTC) price was $102,275.
