10x Research Analyst: Bitcoin may break through $122,000 next month and enter a consolidation phase

ChainCatcher news, 10x Research Research Director Markus Thielen released the latest market report stating that the price of Bitcoin may rise by 15% in the coming days, followed by a consolidation phase. Analysis shows that Bitcoin rebounded from $98,937 to over $107,000 on January 21, successfully retesting the wedge breakout level. Since the U.S. approved the spot Bitcoin ETF, Bitcoin has shown a pattern of rising between $16,000 and $18,000 each time, which suggests it could reach $122,000 in February.

Bitfinex analysts also held a similar view in their market report on January 21, emphasizing that Bitcoin has demonstrated "impressive relative strength" compared to the stock market. Material Indicators co-founder Keith Alan, based on the cup and handle breakout pattern on the Bitcoin weekly chart, also predicts that Bitcoin will reach $122,000.