Bitcoin price looks poised for a supportive turn in January next year, after maintaining tepid price action to close out this year. This bullish view came for the main crypto brand as a crypto analyst Tony Severino a possible Doji formation appeared, which suggested that BTC could enjoy this rise in the new year.
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A Doji Formation Could Lead to a New Year's Bitcoin Price Rally
In the X post, Severino suggested that the formation of a Doji could lead to a Bitcoin price rally in the first two months of the new year. The analyst said that he suspects that BTC will end in December with the Doji and then in January showing its strong continuity for the main crypto token. The accompanying chart showed that this strong continuation could extend into February.
The crypto analyst explained that Doji represents a pause in the market due to uncertainty from buyers and sellers. He said that the trailing candlestick shows market participants the decision made by the market through a strong continuation or reversal. In this case, Severino expects the following candlestick to show a strong continuity for the price of Bitcoin.
Severino noted that a similar Doji at similar subwaves caused another two months of fundamentals before his local roof in for the price of Bitcoin. Therefore, the crypto could enjoy two months of foundation between January and February 2025 if history repeats itself. From a fundamental point of view, the inauguration of Donald Trump is one factor that could encourage this strong succession.
The price of BTC rose above $100,000 after Trump's victory in the US presidential elections in November. Therefore, the main crypto could continue this rally because Trump is going to be the first pro-crypto US president. In addition, the US president can choose a Strategic Bitcoin Reserve when he takes office, that would bring more bullish trend for BTC.
BTC needs to hold above $92,730
In post X, crypto analyst Ali Martinez he said that the price of Bitcoin must avoid falling below $92,730, because if that level breaks, it will be in a free fall zone. The analyst's accompanying chart showed that Bitcoin could fall to the $70,000 range if it breaks this $92,730 price level.
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However, in another X post, Martinez suggested that such a drop in the price of Bitcoin might not be bad. This came when he said that 20% to 30% price correction the most positive thing that could happen to Bitcoin. Meanwhile, Martinez said the invalidation levels for his bearish Bitcoin outlook are near-term above $97,300 and a daily close above $100,000.
At the time of writing, the price of Bitcoin is trading at around $94,400, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Reuters, chart from TradingView
