According to Marcus Thielen, Head of Research at 10x Research, Bitcoin is showing a strong upward trend and could reach the $122,000 mark by February 2025.
On January 21, the cryptocurrency successfully surpassed a key technical level, bouncing back from $98,937 and climbing above $107,000. This breakthrough, Thielen noted, creates favorable conditions for investors, offering an opportunity to enter the market with an optimal risk-to-reward ratio.
At the time of publication, Bitcoin is trading at $105,727, according to CoinMarketCap data. Analysts at Bitfinex, in a recent report, highlighted the cryptocurrency's impressive resilience compared to the traditional stock market.
Since the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. a year ago, the cryptocurrency has exhibited a consistent growth pattern, advancing in increments of $16,000 to $18,000. If this trend continues, Thielen predicts that after reaching $122,000, a period of consolidation may follow.
For traders, the current situation is particularly compelling: setting stop-loss orders at $98,000 helps limit potential losses while preserving significant growth potential. Furthermore, Thielen does not rule out the possibility of Bitcoin exceeding the $122,000 mark, after which this level could be tested as a new support.
Technical analysis indicates that following a recent test of the "ascending wedge" at $101,000, Bitcoin retains the potential for further growth. This is supported by the steady recovery of the cryptocurrency's price following key market events in recent days.
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