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As of Friday, 24 January 2025 at 12:21 PM, Bitcoin (BTCUSD) has recently surged above the $106,000 mark, reflecting a positive shift in the market with a 1.12% increase. However, despite this upward momentum, bulls are struggling to break through the all-time high of $109,588. Bitcoin’s near-term sentiment has experienced some setbacks, primarily due to the delay in the issuance of a strategic Bitcoin reserve-specific executive order by US President Donald Trump.
Glassnode’s lead analyst, James Check, stated on January 23 that Bitcoin’s price movement mirrors the 2016-2017 cycle. Check predicts that Bitcoin could reach a “topping cloud” between $120,000 and $150,000, but he cautions that the probability of Bitcoin staying at the higher end of this range is low. While Check acknowledges the possibility of Bitcoin breaching the $150,000 mark, he sees it as an unlikely scenario for sustained growth at that level.
On the other hand, BlackRock CEO Larry Fink has expressed an ultra-bullish outlook for Bitcoin. In a statement at the World Economic Forum’s conference in Davos, Fink revealed that even a small allocation of 2% to 5% from asset managers could drive Bitcoin’s price up to an astonishing $700,000. This has added to the mixed sentiment surrounding Bitcoin’s future trajectory, with optimism from some corners and caution from others.
Looking at Bitcoin’s technicals, the cryptocurrency saw a rebound off the 20-day exponential moving average ($100,831) on January 23, signaling positive market sentiment. Traders are now eyeing the next major hurdle: breaking above the all-time high of $109,588. If successful, Bitcoin is likely to target the next resistance level at $126,706.
On the downside, the 50-day simple moving average ($98,839) remains a critical support level to monitor. If this level is breached, Bitcoin may slide down to the strong support zone between $90,000 and $85,000. A break below this region could indicate the start of a more significant correction, potentially sending prices toward $73,777.
- Bitcoin (BTCUSD) Price: $106,133.00 (+1.12%)
- Market Cap: $2.103 Trillion
- 24-Hour Volume: $72.05 Billion
- Circulating Supply: 19.81 Million BTC
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.