Bitcoin traders see $122K in weeks as BTC price breakout looms

From cointelegraph by William Suberg

Bitcoin closed in on new monthly highs on Jan. 19 as traders braced for the return of BTC price discovery.

BTC/USD 1-day chart. Source: Cointelegraph/TradingView

Bitcoin all-time highs expected “pretty soon”

Data from  Cointelegraph Markets Pro  and  TradingView  showed that BTC/USD was nearing $105,500 on Bitstamp ahead of the weekly close.

Up around 12% month-to-date, Bitcoin looked increasingly attractive to longs with  just one day to go  until the inauguration of US President-elect Donald Trump.

Trump’s  controversial memecoin , OFFICIAL TRUMP (TRUMP), passed $11 billion in market cap on the day, entering the top twenty largest cryptocurrencies.

Amid a broadly positive outlook for crypto, traders began to eye new records.

“$BTC ath incoming pretty soon imo,” popular trader Pentoshi  predicted  in one of his latest posts on X.

Crypto trader Moataz Elsayed, known as Eljaboom on X, described Bitcoin as entering the “belief phase” of its current price cycle.

“$150K Bitcoin will happen this cycle,” he  told  X followers alongside a chart comparing BTC price action now and four years ago.

BTC/USDT comparison. Source: Eljaboom/X

Fellow trader Daan Crypto Trades nonetheless acknowledged the need to hold one significant support zone going into the weekly close.

“$BTC Clean retest of the prior yearly high,” his latest market analysis  read . 

“Looks good for a move to the all time high next week as long as that ~$102.7K level is held.”

BTC/USDT perpetual swaps 4-hour chart. Source: Daan Crypto Trades/X

BTC price targets converge around $122,000

BTC price targets remained lofty, with market participants seeing not only a move into price discovery but short-term upside of 20% or more.

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Among them was the popular X commentator Nunya Bizniz, who focused on an upward trend line in need of a breakout.

An accompanying chart  highlighted  a target of $122,000 for around the start of February.

BTC/USD 1-day chart. Source: Nunya Bizniz/X

That figure was shared by Keith Alan, co-founder of trading resource Material Indicators, as part of the breakout from a so-called cup-and-handle pattern on the Bitcoin weekly chart.

“Bitcoin has reclaimed the key moving averages and is grinding back toward ATH Territory,” he  reported  on Jan. 17.

“Double Top Resistance lives at $108k, Psychological Resistance at $110k, Cup Handle Target at $122k.”

BTC/USD 1-week chart. Source: Keith Alan/X