Bitcoin is expected to reach $122,000 by February, according to 10x Research’s Markus Thielen.
Bitcoin is expected to reach $122,000 by February, according to 10x Research’s Markus Thielen. The cryptocurrency has been climbing in consistent increments of $16,000 to $18,000 since the approval of Bitcoin ETFs in the U.S., a trend Thielen believes could continue. Bitcoin recently tested a key price point, bouncing from $98,937 to above $107,000, and currently sits at $101,727. Thielen sees this price movement as presenting a low-risk, high-reward entry point for traders, with stop-losses set around $98,000 to limit potential losses while offering significant upside.
The positive outlook for Bitcoin is further supported by institutional activity. Inflows into Bitcoin ETFs, including BlackRock’s IBIT, amounted to $802 million in just one week, indicating strong institutional backing. Additionally, Bitcoin’s strength relative to traditional markets shows its resilience. Bitcoin’s movements are now less correlated with traditional equities, with the cryptocurrency becoming an increasingly attractive asset for institutional investors. According to the CME options market, sentiment around Bitcoin is at its highest level since Trump’s election, with traders demonstrating confidence by purchasing call options.
Thielen's prediction of a $122,000 price target aligns with a broader market trend, which sees Bitcoin in an upward movement pattern. If the pattern holds, Bitcoin may not only reach $122,000 but could potentially trade above this level before retesting it as support. Keith Alan from Material Indicators shares similar views, noting that Bitcoin’s breakout from a “cup-and-handle” pattern on weekly charts signals a move toward new highs.
Despite the bullish predictions, Bitcoin is expected to enter a consolidation phase after reaching the $122,000 mark. Historically, Bitcoin has exhibited patterns of price surges followed by periods of stabilization. Such consolidations are not seen as negative; instead, they present opportunities for investors to re-enter at lower prices. Bitcoin’s price has consistently risen in waves, and past consolidation phases have preceded major surges.
Additionally, long-term holders of Bitcoin, known as "smart money," have slowed down their selling activity. Over 1 million BTC have been sold since September, but the rate of selling has decreased. Bitcoin’s support level now stands at $100,000, and analysts see this as an important sign in determining the market's direction. Bitcoin’s trajectory suggests further upward momentum, with predictions indicating a potential rise to $130,000 by February 2025.
Bitcoin is currently trading at $101,727, and the market sentiment remains bullish, with the Fear & Greed Index showing an extreme level of greed at 84. This sentiment, coupled with positive institutional interest, suggests that Bitcoin may hit its target of $122,000 in the near future.
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