Bitcoin (BTC) Set to Surge as Traders Target $122K Milestone
- Bitcoin gained 12.45% in January, nearing $105,500, sparking optimism for a $150,000 target.
- Analysts highlight $102,700 as key support, with $122,000 projected by early February.
- Entering the belief phase, BTC shows parallels to the explosive 2020/2021 bull market.
Bitcoins mrkt momntum gthrd stm s th cryptocurrncy inchd closr to brking nw monthly highs on Jnury 19. With trdrs nticipting pivotl BTC pric brkout, optimism surgd cross th crypto spc. Bitcoins rcnt prformnc showcsd 12.45% gin sinc th strt of th month, dding ful to spcultion bout significnt upwrd trjctory.
Th looming inugurtion of Prsidnt-lct Donld Trump coincidd with Bitcoin nring $105,500, signling hightnd mrkt ctivity. Trumps own mmcoin, OFFICIAL TRUMP (TRUMP), lso drw ttntion, surpssing $13 billion in mrkt cpitliztion nd rning its spot mong th top twnty cryptocurrncis.
Amid th positiv sntimnt, nlysts nd trdrs bgn forcsting nw rcords for Bitcoin. Populr trdr Pntoshi confidntly dclrd, $BTC th incoming prtty soon imo, undrscoring th growing xcitmnt within th community.
Bitcoins Belief Phase Gains Traction
Crypto trdr Eljaboom pointd out tht BTC hs ntrd th belief phase of its currnt pric cycl. Compring th ongoing 2024/2025 cycl to th bull run of 2020/2021, Eljs nlysis dtild th cryptocurrncys journy through distinct phss. Th dprssion phs mrkd xtndd low prics nd mrkt pssimism, followd by hopful rcovry nd tsting shkout priod.
Now in th blif phs, BTC xhibits signs of optimism driving significnt pric gins. Eljs chrt liknd this stg to th xplosiv growth obsrvd in th prvious cycl, whr Bitcoin skyrocktd from its lows to nw hights. Th nlyst projctd potntil pk t $150,000, drwing prllls to pst bullish trjctoris.
Trdrs rmind cutious, howvr, bout Bitcoin mintining crucil support lvls. Fllow nlyst Dn Crypto Trds mphsizd th importnc of th $102,700 zon, noting, $BTC Cln rtst of th prior yrly high. Looks good for mov to th ll-tim high nxt wk s long s tht ~$102.7K lvl is hld.
$122K Breakout Looms for February
As mrkt prticipnts continud ying lofty pric trgts, svrl xprts pinpointd short-trm surg of 20% or mor. Nuny Bizniz, prominnt voic on X, shrd n upwrd trndlin projcting Bitcoin to rch $122,000 by rly Fbrury. Supporting this outlook, Kith Aln, co-foundr of Mtril Indictors, idntifid bullish cup-nd-hndl pttrn on th wkly chrt.
Bitcoin hs rclimd th ky moving vrgs nd is grinding bck towrd ATH Trritory, Aln notd on Jnury 17. His nlysis idntifid $108,000 s doubl-top rsistnc lvl nd $110,000 s psychologicl rsistnc. Howvr, th ultimt trgt stood t $122,000, which could signl th onst of nothr significnt pric discovry phs.
With Bitcoin now positiond for its nxt brkout, trdrs nd nlysts rmin fixtd on its potntil to chllng nd surpss historic pric lvls. If currnt trnds hold, Fbrury could mrk pivotl momnt in th cryptocurrncys vr-volving mrkt journy.
Related Readings | Pepe Coin (PEPE) Price Surge Ahead? Heres Why $0.000035 Could Be Within Reach
Read more: https://www.tronweekly.com/bitcoin-set-to-surge-as-traders-target-122k/
Text source: TronWeekly
