2 hours ago
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January 19, 2025 by Arslan Tabish
- Bitcoin is consolidating near $104K, forming a triangle pattern, signaling potential for a significant price move soon.
- The CME gap at $104,072 is key, Bitcoin holding this level could open the door for the next major price surge.
- As Bitcoin consolidates, the broader crypto market is seeing a rise, with Solana hitting new highs and altcoins poised for growth.
Bitcoin has now reached a critical consolidation zone, which will pave way for a major price action. Bitcoin is trading at around $104,300 and forms an upward trend line and a downward trend line that converge to form a triangle pattern suggesting a big move. In the last few days, the price of BTC has been relatively flat and the volatility has been low, although surprises are possible in the middle of the week.
Bitcoin CME Gap
In a recent YouTube video, Rover highlighted that the CME gap, at the moment at $104,072 is the other level of interest to watch for. If Bitcoin holds or is trading above this price point towards the end of the week, this might open the door for the next phase. The current consolidation is somewhat similar to what occurred in 2024, which is why Rover is counting on Bitcoin to kick off another rally. Specifically, Bitcoin has just surpassed its previous lows and previous downtrend, which has convinced many that a positive trend is expected to continue.
Source: CryptoRover
The traders are looking for $106,000 to $107,000 as the next major barrier for Bitcoin. A breakdown of this range may see BTC fall to $90,000 while analysts expect the cryptocurrency to surge to $110,000, $115,000 or even $120,000 if it can break through this level. Long term targets have estimated the price of BTC to be at about $130,000 due to the ever rising confidence of the investors and the increasing demand of the asset.
Source: CryptoRover
This price action of BTC is also in harmony with the past trends. The inauguration of President Trump which is set to take place tomorrow has in the past triggered major changes in the market. BTC has always perform well especially during presidencial transitions in the past and this is another area that traders should focus on. Since the inauguration of Trump in the United States, there should be a steep price change in the days to come.
Apart from BTC, the rest of the cryptocurrency market also appears to be in an upward trend. Bitcoin’s dominance is rising, suggesting that investors are seeking the asset during the overall market turmoil. Other major cryptocurrencies such as Solana continue to rocket to new record valuations, indicating a more generalized Crypto uptick.
The on-chain data also points towards the side of the bulls for Bitcoin. The number of addresses containing over 100 BTC has risen dramatically, which suggests that major investors are stacking up BTC with a view to future price rise. This is a good sign for BTC as institutional investors are definitely long term investors.
Altcoin Market Momentum
In the next week, the price of Bitcoin will be most likely to consolidate until the end of January. Traditional ‘bull and bear’ periods have typically taken place in the months leading to this period hence the current phase is critical for future prices. As political activities and investment demand rise, BTC is set to break past significant price barriers.
Other cryptocurrencies are also expected to rise. Solana for instance has recently registered new all-time highs indicating that retail investors are back in the market. According to the expert’s opinion, the rate of altcoins may grow in the nearest future, many of the coins may increase their value two or three times. It is now time for altcoins, and Bitcoin’s stagnation may act as the catalyst for the rest of the market.
As BTC is still trading near a crucial breakout, all attention is on the levels of resistance. Any decisive breakout above $106,000 may propel BTC towards $120,000 and possibly $130,000. Over the time the market has been advancing, Bitcoin continues to attract traders, investors, and analysts in the process.
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