The price of the first cryptocurrency broke out of the descending triangle pattern and, after retesting, rebounded to new highs. The further goal of this movement is $130,000, says crypto investor Jelle.
#Bitcoin broke out from the descending triangle, retested it — and bounced straight to new all-time highs.
Target of this move is somewhere in the mid $130ks.
Send it. pic.twitter.com/lOWTT3cZiN
— Jelle (@CryptoJelleNL) January 20, 2025
On the morning of January 20, Bitcoin quotes within 60 minutes after 9:00 (Moscow time) jumped by about $7,300 – from ~$102,300 to ~$109,600. However, the closing price of the hour was ~$107,500 with an increase of about 5%.
Podcaster Stefan Rivera called the cryptocurrency surge “kind of crazy.”
YouTuber Crypto Rover believes that the asset demonstrated a rare “God Candle” pattern. In this case, it acts as a powerful bullish signal.
#BITCOIN GOD CANDLE 🚀 pic.twitter.com/ZmQKZsUI71
— Crypto Rover (@rovercrc) January 20, 2025
He cited historical data that showed digital gold rose in the first year after a new US president took office. According to Crypto Rover, the target price for the asset is $175,000.
A trader under the nickname Daan Crypto Trades noticed that the Bitcoin futures market CME in Europe opened with a small gap by Friday’s close. Quotes quickly closed the gap and rushed to highs.
MN Trading founder Michael van de Poppe noted that the cryptocurrency attracted new liquidity when it fell below $89,000 last week. As a result, the asset reached another high.
A trader with the pseudonym Gaah, in a research note for CryptoQuant, highlighted the ongoing outflow of bitcoins from exchanges. Over the past three years, about 1 million BTC have been withdrawn.
Derive.xyz head of research Sean Dawson also warned of the risk of Bitcoin price volatility after Trump’s inauguration.
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Source: Cryptocurrency
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