Bitcoin is on track for another explosive month, with experts projecting it could hit $122,000 by February. Markus Thielen of 10x Research identified a “low-risk, high-reward entry opportunity” after Bitcoin rebounded to $105,727 following President Donald Trump’s inauguration. According to Thielen, Bitcoin has been climbing in $18,000 increments, and this pattern suggests it may reach $122,000 before entering a consolidation phase.
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Adding to the optimism, Material Indicators co-founder Keith Alan noted Bitcoin’s breakout from a “cup-and-handle pattern” on weekly charts, pointing to reclaimed moving averages and a push toward all-time highs.
CME Options Show Unmatched Bullish Sentiment
Bitcoin options trading on the Chicago Mercantile Exchange (CME) revealed the most bullish sentiment since Trump’s election victory, according to CF Benchmarks. Traders rushed to buy calls, driving a skew of 4.4%, a key indicator of market confidence. Renewed inflows into Bitcoin ETFs, including BlackRock’s IBIT (IBIT), added $802 million this week alone, solidifying institutional support.
Long-Term Holders Reinforce $100K Support
Long-term Bitcoin holders, known as “smart money,” have sold over 1 million BTC since September. However, the pace of selling has slowed, with $100,000 now holding as a strong support level. Historically, this behavior signals the top of Bitcoin cycles, making the next few weeks crucial for market momentum.
At the time of writing, Bitcoin is sitting at $104,876.25.
