Bitcoin price looks set to enjoy an uptrend in January next year as it maintained a mild price trend to close out the year. This bullish outlook for the flagship digital currency came as a digital currency analyst Tony Severino It showed a potential Doji formation that suggests BTC could enjoy this bullish trend in the new year.
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The formation of a Doji can lead to an increase in the price of Bitcoin in the new year
in one Post X, Severino suggested that the formation of a Doji could lead to an increase in the price of Bitcoin in the first two months of the new year. The analyst noted that he suspects that BTC will end with the Doji and then show January a Continue strong For the flagship cryptocurrency, his accompanying chart showed that this strong continuation could continue into February.
The crypto analyst explained that the Doji represents a pause in the market due to indecision by buyers and sellers. He added that the candle below shows the market participants the decision that the market has taken through strong continuation or reversal. In this case, Severino expects the candle to show below one Continue strong For the price of Bitcoin
Severino noted that a similar Doji in similar sub-waves each led to another two months of ascent before a local top It was for the price of Bitcoin. So, if history repeats itself, crypto could enjoy a two-month rally between January and February 2025. From a fundamental perspective, the inauguration of Donald Trump is the factor that can spark this strong continuation.
The price of Bitcoin rose above $100,000 after Trump's victory in the November US presidential election. As such, the flagship cryptocurrency could continue its climb as Trump becomes the first pro-crypto president of the United States. In addition, the president-elect of the United States may create a Strategic Bitcoin Reserve Once he takes over, that will provide more upside for Bitcoin.
Bitcoin should hold above $92,730
In a post X, cryptocurrency analyst Ali Martinez It noted that Bitcoin price should avoid falling below $92,730, as it would be in free fall territory if it breaks this level. The analyst's accompanying chart showed that Bitcoin could drop to the $70,000 range if it breaks the $92,730 price level.
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However, in another X post, Martinez suggested that such a drop in the price of Bitcoin is not necessarily bad. While he stated that 20% to 30% Price correction It is the most bullish thing that could happen to Bitcoin. Meanwhile, Martinez stated that the discredit levels for his Bitcoin bearish outlook are a sustained close above $97,300 and a daily close above $100,000.
At the time of writing, Bitcoin is trading at around $94,400, down almost 2% in the last 24 hours. data From CoinMarketCap.
Featured image from Reuters, chart from TradingView
