Many analysts are wondering about the next important milestone, since the incredible price increase of Bitcoin has attracted the attention of the market. A research company, 10x Research, predicts thatThe base alpha level could reach $122,000 by February. While this may seem like an ambitious goal, it is consistent with the optimistic view of several experts who have looked at Bitcoin's ability to cross critical price thresholds since Bitcoin was approved. ETFs.
Related Reading
Bitcoin: Strong Momentum
Bitcoin's momentum is undeniable. In the last few months, its price has been changing in a regular way, with periodic increases that have usually occurred within the range of $16,000 – $18,000.
Markus Thielen of 10x Research believes that these consistent increases indicate a continuation of an upward trend, which means that $122,000 is possible in the near future. Thielen emphasizes that the behavior of the crypto asset market may prevent this goal from being achieved, despite the optimistic outlook.
Thielen believes Bitcoin's breakout provides a “low-risk, high-reward entry opportunity,” with Bitcoin trading at $105,727. He noted that after the inauguration of Donald Trump, BTC tested the $101,000 resistance, making it a favorable time to buy with a stop loss around $98,000.
Thielen also pointed out that Bitcoin has risen in increments of $16,000 – $18,000 since the launch of the spot Bitcoin ETF in the US, suggesting that it could reach $122,000 by February before entering a phase another confirmation.
Expect consolidation after the increase
A period of consolidation may come after Bitcoin is expected to rise to $122,000. This level, when its price stabilizes before another explosion, has been an increasing trend throughout its history. Investors should expect this period of sideways price action, which may provide new opportunities for those looking for a more favorable entry point.
Strength in Correlation with the Stock Market
The optimistic forecast is also in line with Bitcoin's relative strength compared to traditional markets. Despite the challenges that equality faces, it has shown remarkable resilience.
Due to the growing number of institutional investors investing in Bitcoin, the price of this digital asset is becoming less correlated with the general financial market. This pattern has the potential to increase the upside to $12,000.
Meanwhile, according to current price forecasts, the price of Bitcoin is expected to increase by 24% and reach $130k by February 21, 2025. Technical indicators, according to CoinCodex, show that it is currently Bullish while the Fear & Greed Chart shows 84 (Extreme Greed).
Related Reading
When?
Although the historical success of Bitcoin does not guarantee future results, the current conditions are favorable for further growth. The cornerstone of any price increase is Bitcoin's ability to profit on positive news, such as ETF approval, along with institutional support. The question is not whether Bitcoin will hit $122,000; rather, when.
Featured image from Getty Images, chart from TradingView
