TechFlow news, January 22 — Markus Thielen, Head of Research at 10x Research, released a new market report stating that Bitcoin's price could rise by 15% in the coming days before entering a consolidation phase. The analysis shows that Bitcoin rebounded from $98,937 to above $107,000 on January 21, successfully retesting the wedge breakout level. Since the U.S. approval of spot Bitcoin ETFs, Bitcoin has exhibited a pattern of rising $16,000 to $18,000 per cycle, suggesting a potential target of $122,000 by February.
Bitfinex analysts echoed this view in their January 21 market report, highlighting Bitcoin's "impressive relative strength" compared to the stock market. Keith Alan, co-founder of Material Indicators, also forecasts Bitcoin reaching $122,000 based on a cup-and-handle breakout pattern visible on the weekly chart.
