BitcoinLong
Bitcoin looks set to reach $113k
On January 15, we noted that Bitcoin was stuck in a wedge pattern and suggested that a breakout would increase the price. The price did break out, reaching as high as 109k, just shy of the 113k target. Since then, the breakout point has been tested twice—once on Monday, January 20, and again on Tuesday, January 21. The breakout point is held, and the pattern remains valid as long as the price stays above 99k.
Today, Bitcoin appears slightly overbought in the short term and could pull back to around 103k before resuming its uptrend toward 113k. Fundamentally, the Trump administration has not announced any concrete plans for crypto yet, but it is noteworthy that Trump launched his own MEME coin, just before the inauguration. This suggests a potential move toward deregulation, which would create a more favourable environment for crypto companies to grow.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Today, Bitcoin appears slightly overbought in the short term and could pull back to around 103k before resuming its uptrend toward 113k. Fundamentally, the Trump administration has not announced any concrete plans for crypto yet, but it is noteworthy that Trump launched his own MEME coin, just before the inauguration. This suggests a potential move toward deregulation, which would create a more favourable environment for crypto companies to grow.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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