twisteddesign

10x Research’s Markus Thielen says Bitcoin is moving in $18,000 blocks and predicts it could hit $122,000 by February. Bitcoin could climb
15% from its current price within days but may then enter a phase of consolidation, says 10x Research head of research Markus Thielen.

Bitcoin   $BTC

“successfully retested its wedge breakout” after
it bounced from $98,937 up above $107,000 on Jan. 21, Thielen said in the  market report.

Breakout signals ‘low-risk, high-reward entry,’ says Thielen
Thielen said Bitcoin’s price chart breakout signals a potential “low-risk, high-reward entry opportunity.” Bitcoin is trading at
$105,727 at the time of publication, according to CoinMarketCap.

Thielen told that after Bitcoin’s price “came back” following Donald Trump’s inauguration on Jan. 20, Bitcoin tested the “upper wedge”
resistance level at around $101,000.

He said this presents a low-risk, high-reward opportunity since traders could have set stop-losses at $98,000, limiting potential
losses while allowing for significant upside.

Thielen said Bitcoin has a pattern of jumping up in “$16,000 to $18,000 increments” since the approval of spot Bitcoin exchange-traded
funds in the US a year ago, which signals that it may reach $122,000 by February, before “entering another consolidation phase.”

Rally may go higher than $122,000
Thielen added that a potential rally might not end there and “shouldt he pattern hold, Bitcoin may not only reach $122,000 but could also trade significantly above this level before retesting it as support,” Thielen said.

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