Bitcoin traders see $122K in weeks as BTC price breakout looms
From cointelegraph by William Suberg
Bitcoin closed in on new monthly highs on Jan. 19 as traders braced for the return of BTC price discovery.
BTC/USD 1-day chart. Source: Cointelegraph/TradingView
Bitcoin all-time highs expected “pretty soon”
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was nearing $105,500 on Bitstamp ahead of the weekly close.
Up around 12% month-to-date, Bitcoin looked increasingly attractive to longs with just one day to go until the inauguration of US President-elect Donald Trump.
Trump’s controversial memecoin , OFFICIAL TRUMP (TRUMP), passed $11 billion in market cap on the day, entering the top twenty largest cryptocurrencies.
Amid a broadly positive outlook for crypto, traders began to eye new records.
“$BTC ath incoming pretty soon imo,” popular trader Pentoshi predicted in one of his latest posts on X.
Crypto trader Moataz Elsayed, known as Eljaboom on X, described Bitcoin as entering the “belief phase” of its current price cycle.
“$150K Bitcoin will happen this cycle,” he told X followers alongside a chart comparing BTC price action now and four years ago.
BTC/USDT comparison. Source: Eljaboom/X
Fellow trader Daan Crypto Trades nonetheless acknowledged the need to hold one significant support zone going into the weekly close.
“$BTC Clean retest of the prior yearly high,” his latest market analysis read .
“Looks good for a move to the all time high next week as long as that ~$102.7K level is held.”
BTC/USDT perpetual swaps 4-hour chart. Source: Daan Crypto Trades/X
BTC price targets converge around $122,000
BTC price targets remained lofty, with market participants seeing not only a move into price discovery but short-term upside of 20% or more.
Related: Bitcoin price still on track for $180K in 2025: Interview with Filbfilb
Among them was the popular X commentator Nunya Bizniz, who focused on an upward trend line in need of a breakout.
An accompanying chart highlighted a target of $122,000 for around the start of February.
BTC/USD 1-day chart. Source: Nunya Bizniz/X
That figure was shared by Keith Alan, co-founder of trading resource Material Indicators, as part of the breakout from a so-called cup-and-handle pattern on the Bitcoin weekly chart.
“Bitcoin has reclaimed the key moving averages and is grinding back toward ATH Territory,” he reported on Jan. 17.
“Double Top Resistance lives at $108k, Psychological Resistance at $110k, Cup Handle Target at $122k.”
BTC/USD 1-week chart. Source: Keith Alan/X
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
New spot margin trading pair — HOLO/USDT!
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn
- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.
OPEN has dropped by 189.51% within 24 hours during a significant market pullback
- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.
New spot margin trading pair — LINEA/USDT!
Trending news
MoreCrypto prices
More
