BTC News: Bitcoin on Track for $122K by February, Says 10x Research Expert

• Bitcoin is showing strong momentum, with experts predicting it could reach $122,000 by February.

• Key milestones include surpassing $106,000 and maintaining support levels like $101,000.

Bitcoin’s recent price movements suggest it could achieve significant milestones in the coming weeks, with experts pointing to $122,000 as a key target by February. Markus Thielen, head of research at 10x Research, has outlined a pattern in Bitcoin’s price action that highlights a potential for substantial growth supported by broader market trends.

Technical Indicators Supporting Bitcoin’s Growth Trajectory

As detailed in our last news piece, Bitcoin has demonstrated resilience, rebounding from $98,937 to surpass $107,000 on January 21. This recovery follows a wedge pattern breakout, a technical indicator signalling upward momentum. Markus Thielen stated this breakout offers a “low-risk, high-reward entry opportunity,” allowing traders to minimize losses by setting stop-loss orders near $98,000 while targeting significant gains.

Currently trading at $105,727, Bitcoin continues to reflect bullish market sentiment. Analysts at Bitfinex have highlighted Bitcoin’s robust performance compared to traditional financial markets, strengthening its position as a leading asset.

Source: 10x Research

Thielen has identified a consistent pattern of Bitcoin’s price moving in $16,000 to $18,000 increments since the approval of spot Bitcoin exchange-traded funds in the United States. Based on this trend, he projects that Bitcoin could reach $122,000 before entering a consolidation phase. The cryptocurrency’s ability to surpass $106,000 is critical for confirming this trend.

Historical price behaviour supports this projection, with key technical patterns consistently serving as reliable market direction indicators. Thielen also emphasized the importance of holding and retesting resistance levels, such as $101,000, as part of Bitcoin’s upward trajectory.

Could Bitcoin Surpass $122K Before Consolidation?

While $122,000 is a short-term target, Thielen believes Bitcoin’s rally could extend beyond this level. Should the current price pattern persist, Bitcoin may exceed $122,000 before retesting it as a support level. He identified surpassing $106,000 as a pivotal milestone in confirming continued bullish momentum.

Source: CoinMarketCap

Other analysts share similar views. Co-founder of Material Indicators, Keith Alan, pointed to a cup-and-handle pattern on Bitcoin’s weekly chart as evidence supporting a move toward $122,000. Alan noted that Bitcoin’s reclaiming of key moving averages signals sustained strength and the potential to approach all-time high territory.

Bitcoin’s Role as a Safe Haven in Uncertain Economic Times

In a previous article, we discussed how Bitcoin’s strong performance underscores its resilience in a volatile market. Analysts attribute this to rising institutional interest, partly driven by the approval of spot Bitcoin ETFs. These developments have added liquidity and legitimacy to the cryptocurrency, boosting trader and investor confidence.

The ongoing rally highlights Bitcoin’s role as a market leader, reflecting broader confidence in digital assets as alternatives to traditional investments during uncertain economic times. As Bitcoin approaches its projected targets, key resistance and support levels will be critical in determining its next moves.

Analysts expect Bitcoin’s momentum to continue in the weeks ahead, with milestones centred around the $106,000 and $122,000 levels. Traders and investors can leverage Bitcoin’s strength by aligning strategies with prevailing trends and managing risk effectively.

With February approaching, the cryptocurrency’s trajectory remains a focal point for market participants. Whether it achieves the $122,000 target or not, Bitcoin’s recent performance underscores its continued significance as a transformative asset, reported CNF.