Bitcoin (BTC) Price Prediction: BTC/USD to Hit $122,000 Before Entering Correction Phase

An analysis has emerged suggesting that Bitcoin will reach $122,000 before entering a correction phase. On the 21st (local time), Markus Thielen

An analysis has emerged suggesting that Bitcoin will reach $122,000 before entering a correction phase.

On the 21st (local time), Markus Thielen, an analyst at 10X Research, stated this in a report. $122,000 is approximately a 16% increase from Bitcoin's current price.

He mentioned, “After the approval of the Bitcoin spot ETF, Bitcoin tends to surge in increments of $16,000 to $18,000,” and added, “Considering this pattern, it is highly likely to reach $122,000 by February.” However, he also noted that after reaching $122,000, it will enter a correction phase.

Moreover, he said, “Bitcoin has risen from $98,937 to $107,000, successfully testing the wedge breakout,” and emphasized, “The breakout signal shown on the chart provides a low-risk, high-reward entry opportunity.”

A wedge breakout is a phenomenon where significant price movement occurs after breaking through a contracting triangular pattern (wedge).

As of 6:41 PM, Bitcoin is trading at $104,995 on the Binance USDT market, up 2.52% from 24 hours ago.