Bitcoin (BTC), which made a giant assault earlier than Trump’s inauguration on Monday and broke a brand new document by rising above $ 109,000, has been exhibiting risky actions since then.
Whereas it was disappointing that Trump didn’t point out Bitcoin and cryptocurrencies in any respect in his first speech, some consultants warned that this uncertainty was negatively affecting the worth.
Nevertheless, 10X Analysis claimed in its newest report that the BTC value might attain $122,000 by February.
Markus Thielen, founding father of cryptocurrency evaluation agency 10x Analysis, said in his newest report that Bitcoin might rise by 15% from its present value within the coming days, however then enter a consolidation section.
Thielen used a 12 months of BTC actions to make his prediction, noting that BTC has been following a sample of $16,000 to $18,000 will increase since spot Bitcoin ETFs had been accepted a 12 months in the past.
“If this sample holds in Bitcoin, Bitcoin couldn’t solely attain $122,000, but it surely might additionally rise considerably above that degree earlier than retesting it as help.
However one other consolidation section awaits Bitcoin after it reached $122,000 in February.”
Thielen additionally famous that BTC rebounded after Donald Trump’s inauguration on January 20 and examined the $101,000 resistance degree, additional strengthening its bullish outlook.
Lastly, the analyst added that Bitcoin’s rise on the worth chart indicators a possible “low-risk, high-reward entry alternative.”
*This isn’t funding recommendation.
