The price of the leading cryptocurrency broke out of a “descending triangle” and, after a retest, bounced to new highs. The next objective for the move is $130,000, according to crypto investor Jelle.
#Bitcoin broke out from the descending triangle, retested it — and bounced straight to new all-time highs.
Target of this move is somewhere in the mid $130ks.
Send it. pic.twitter.com/lOWTT3cZiN
— Jelle (@CryptoJelleNL) January 20, 2025
On the morning of 20 January, within 60 minutes after 9:00 (MSK), Bitcoin jumped by roughly $7300 — from ~$102,300 to ~$109,600. The hourly close, however, was ~$107,500, a gain of about 5%.
Podcaster Stephan Livera called the surge “kinda wild”.
Bitcoin just teleported up from $103k to $108k
Kinda wild pic.twitter.com/mLrmdGheMw
— Stephan Livera (@stephanlivera) January 20, 2025
YouTuber Crypto Rover said the asset printed a rare “God candle”. In this case it serves as a powerful bullish signal.
#BITCOIN GOD CANDLE ? pic.twitter.com/ZmQKZsUI71
— Crypto Rover (@rovercrc) January 20, 2025
“[Donald] Trump just provoked a Bitcoin bull market. Absolute insanity is coming now!”, — wrote the expert, referring to the launch by the US president-elect of the memecoin TRUMP and the 20 January inauguration.
He cited historical data suggesting that “digital gold” rose in the first year after a new US president took office. In Crypto Rover’s view, the target price for the asset is $175,000.
Trader Daan Crypto Trades noted that the European session of the Bitcoin futures market on CME opened with a small gap versus Friday’s close. Prices quickly filled it and rushed to new highs.
$BTC Opened up with a small CME gap today but closed that straight away and went straight to new all time highs.
Good start of the week, which is going to be a very interesting one. pic.twitter.com/89HuFW83WD
— Daan Crypto Trades (@DaanCrypto) January 20, 2025
“A good start to a week that promises to be very interesting,” he said.
MN Trading founder Michaël van de Poppe noted that the cryptocurrency attracted new liquidity as it fell below $89,000 last week. As a result, the asset printed another high.
Last week, on Monday, #Bitcoin took the liquidity and was at $88K.
Now, #Bitcoin is at $108K and a new ATH is printed.
What’s next?
No clue. However, if Bitcoin stays above $100K, we’ll likely continue trending upwards.
Dollar -> weaker, Yields -> lower = altcoins are up. pic.twitter.com/ljb41QksHf
— Michaël van de Poppe (@CryptoMichNL) January 20, 2025
“What’s next? I have no idea. However, if Bitcoin stays above $100,000, we will likely continue trending upwards,” the expert cautiously suggested.
Trader Gaah, in an analytical note for CryptoQuant, highlighted the continued outflow of bitcoins from exchanges. About 1 million BTC have been withdrawn over the past three years.
1 million Bitcoin withdrawn from exchanges in the last 3 years
“The withdrawal of BTC from exchanges reduces liquidity and, consequently, selling pressure, which can support the price in short-term realizations.” – By @gaah_im
Read more ?https://t.co/sZHbF3r36m pic.twitter.com/DfFm4YtGWj
— CryptoQuant.com (@cryptoquant_com) January 20, 2025
“This reduces liquidity and, consequently, selling pressure, which can support the price in short-term scenarios. However, with fewer BTC available to trade, the market is preparing for fresh, more volatile price moves,” he concluded.
Earlier, Derive.xyz’s head of research Sean Dawson also warned of the risk of volatile Bitcoin price action after Trump’s inauguration.