Bitcoin Could Reach $122K in February: Markus Thielen
According to Markus Thielen, the head of research at 10x Research, Bitcoin has the potential to increase by 15% in the coming days. However, after this potential surge, it is expected to enter a consolidation phase.
Thielen believes that Bitcoin has successfully retested its wedge breakout, with its price bouncing from $98,937 to above $107,000 on Jan. 21. As per Thielen’s same-day market report, this breakout may signal a low-risk and high-reward entry opportunity.
At the time of writing, Bitcoin is trading above $105,000 according to CoinMarketCap. In addition, Bitfinex analysts also share a similar viewpoint, stating that the cryptocurrency’s strong recovery demonstrates its impressive relative strength compared to the stock market.
Thielen also noted that after Bitcoin’s price rebounded following Donald Trump’s inauguration on Jan. 20, it tested the upper wedge resistance level at approximately $101,000.
