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It looks like the Bitcoin price will enjoy a bullish reversal in January next year, after maintaining tepid price action until the close of this year. This bullish view on the major cryptocurrency came from a cryptocurrency analyst Tony Severino It revealed a potential doji formation, suggesting that BTC could enjoy this upside in the new year.
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The formation of a doji could lead to a rise in Bitcoin prices in the new year
in Share X, Severino suggested that the formation of a doji could lead to a rise in Bitcoin prices in the first two months of the new year. The analyst stated that he suspects that BTC will end December with a doji candle and then January will appear Strong continuity For main encryption. The accompanying chart showed that this strong continuation may extend until February.
The cryptocurrency analyst explained that the Doji candle represents a temporary pause in the market due to hesitation on the part of buyers and sellers. He added that the following candlestick shows market participants the decision made by the market through a strong continuation or reversal. In this case, Severino expects the next candle to show a line Strong continuity For Bitcoin price.
Severino noted that a similar doji in similar sub-waves led to two additional months of uptrend before Local summit It was in the price of Bitcoin. Therefore, cryptocurrencies could enjoy a couple of months of rise between January and February 2025 if history repeats itself. From a fundamental perspective, the inauguration of Donald Trump is one factor that could lead to this strong continuation.
The price of Bitcoin rose to more than $100,000 after Trump won the US presidential election in November. As such, major cryptocurrencies could continue this rally as Trump becomes the first pro-crypto US president. Moreover, the US President-elect may create Bitcoin Strategic Reserve When he takes office, which will provide more bullish momentum for Bitcoin.
BTC needs to hold more than $92,730
Posted by X, Cryptocurrency Analyst Ali Martinez He noted that Bitcoin price needs to avoid falling below $92,730, because if this level is broken, it will be in a free fall zone. The accompanying analyst chart showed that Bitcoin could fall to the $70,000 range if it breaks this price level of $92,730.
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However, in another X post, Martinez suggested that such a decline in Bitcoin’s price may not necessarily be bad. This came as it was stated that the ratio of 20% to 30% Price correction It is the most bullish thing that could happen to Bitcoin. Meanwhile, Martinez stated that the invalidation levels for his bearish forecast for Bitcoin are a sustained close above $97,300 and a daily close above $100,000.
At the time of writing, Bitcoin is trading at around $94,400, down about 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Reuters, chart from TradingView
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