10x Research: Bitcoin may rise to $122,000 in February, then enter another consolidation phase

According to Cointelegraph, Markus Thielen, the research director of 10x Research, stated that Bitcoin could rise by 15% from its current price within a few days but might subsequently enter a consolidation phase. In his market report on January 21st, Thielen said that after bouncing back from $98,937 to over $107,000, Bitcoin "successfully retested its wedge breakout." The chart breakout signal for Bitcoin's price indicates a potential low-risk and high-return entry opportunity.

Thielen noted that since the US approved the Bitcoin spot ETF one year ago, Bitcoin has shown an upward trend with an increase range of $16,000 to $18,000. This suggests that Bitcoin may reach $122,000 in February before entering another consolidation phase. Thielen added that the potential increase might not stop there and if this pattern continues; not only could bitcoin reach $122k but it could also trade above this level and then retest it as support.