Summary
- Markus Thielen stated that Bitcoin will enter a correction phase after reaching $122,000.
- Bitcoin has shown a surge pattern after the spot ETF approval, making it highly likely to reach $122,000 by February.
- The wedge breakout signal provides a low-risk, high-reward entry opportunity.
An analysis has emerged suggesting that Bitcoin will reach $122,000 before entering a correction phase.
On the 21st (local time), Markus Thielen, an analyst at 10X Research, stated this in a report. $122,000 is approximately a 16% increase from Bitcoin's current price.
He mentioned, "After the approval of the Bitcoin spot ETF, Bitcoin tends to surge in increments of $16,000 to $18,000," and added, "Considering this pattern, it is highly likely to reach $122,000 by February." However, he also noted that after reaching $122,000, it will enter a correction phase.
Furthermore, he said, "Bitcoin has risen from $98,937 to $107,000, successfully testing the wedge breakout," and emphasized, "The breakout signal shown on the chart provides a low-risk, high-reward entry opportunity."
A wedge breakout is a phenomenon where significant price movement occurs after breaking through a contracting triangular pattern (wedge).
As of 6:41 PM, Bitcoin is trading at $104,995 on the Binance USDT market, up 2.52% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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