The price of Bitcoin is displaying renewed vigor, having recovered by nearly 2%, suggesting it may surge past $100,000 soon. With a significant weekly increase of over 6%, experts are optimistic that the Bitcoin correction might have come to an end. Furthermore, investors should brace for increased market fluctuations in the coming days as Donald Trump is set to be sworn in just 15 days from now. Additional economic factors such as the US CPI release and FOMC decisions could significantly impact volatility.
Where Is Bitcoin Price Moving Next?
Beginning on Monday, Bitcoin will be starting its tenth week of price exploration, and analysts are keeping a close eye to see if the market can confirm that the corrective phase has ended. According to Rekt Capital, Bitcoin managed to navigate the difficult Week 7 and Week 8 with only a relatively small drop of around 15%, which is significantly less than the 30% decrease experienced during a similar period in 2017.
The analyst suggested that if Bitcoin’s weekly closing price surpasses the blue support area approximately at $97,907, it might signal an end to the downward trend. To definitively establish an uptrend, though, Bitcoin’s price needs to close above the $100,970 level as depicted in the following image, according to the analyst on the X platform.
The price of Bitcoin has returned to the region it earlier dropped from, which is roughly between $97,000 and $98,000 (the ‘blue Order Block’). If the weekly closing price falls within this range, there’s a strong possibility that this dropped area could transform back into a support zone once more.
Will BTC Break Past $100K Soon?
As an analyst, I am confident that for Bitcoin to validate its ongoing uptrend towards potential new highs in 2025, it must first close above the $100,000 mark. However, it’s crucial to note that this journey might not be a smooth ride and could encounter some turbulence along the way as market analysts predict. As stated by well-known crypto analyst Benjamin Cowen, this path may be volatile.
Bitcoin’s current pattern seems quite comparable to how it was a year ago. Essentially, it initially peaked in early January, dipped in late January, and then experienced a sustained rise from February onwards.
10x Research Founder Markus Thielen suggested an optimistic start in early January, yet cautioned it might experience a dip before the release of CPI inflation data on January 15. According to his analysis, Bitcoin’s price may surge again before Donald Trump’s inauguration, but could correct itself by the FOMC meeting. In the report from 10x Research, Thielen mentioned this potential pattern.
If inflation data looks positive, it might spark hope and potentially trigger a surge in the markets, reaching its peak before President Trump’s inauguration. Nevertheless, after that, the market’s progress might slow down, possibly experiencing a slight pullback before the Federal Open Market Committee (FOMC) meeting on January 29.
At the time of writing, I’ve noticed that Bitcoin (BTC) is currently trading at an approximately 1.12% increase, with a price point of around $99,790. According to data from Coinglass, the open interest has only risen by about 2.7%, reaching roughly $57.84 billion. This suggests that the level of involvement in the derivatives and futures markets remains relatively low. Moreover, it’s worth mentioning that within the past 24 hours, liquidations have significantly increased to approximately $25.5 million.
Read More
- EUR CAD PREDICTION
- EUR MYR PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- GBP RUB PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- POL PREDICTION. POL cryptocurrency
- CHR PREDICTION. CHR cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- USD MXN PREDICTION
2025-01-06 12:13