Research Says Bitcoin Has the Potential to Touch US$122,000 in February

Head of Research 10x Research Markus Thielen said that Bitcoin's (BTC) movement pattern shows an increase in price blocks around US$18,000. Therefore, Bitcoin is expected to reach a price of US$122,000 in February before the next consolidation phase.

Thielen also revealed that Bitcoin has successfully tested its wedge breakout ball, the point where the asset price breaks through the support line in a wedge pattern. For information, when this article was written, Bitcoin was trading at around US$105,000, Wednesday (22/01).

In addition, Thielen added that if the previous increase pattern persists, Bitcoin could even potentially exceed US$122,000 before retesting that level as a support phase.

On the other hand, Bitfinex analysts also agreed by stating that Bitcoin's strong recovery showed impressive performance compared to the stock market. Meanwhile, Material Indicators Co-Founder Keith Alan also predicted that Bitcoin could reach US$122,000 thanks to a breakout from the cup-and-handle chart pattern on the weekly chart.

"Bitcoin, which has managed to reclaim this key moving average, is heading towards an all-time high (ATH)," Alan said.