10x Research analyst: Bitcoin may enter a consolidation phase after breaking through $122,000 next month

Markus Thielen, head of research at 10x Research, released his latest market report, saying that the price of Bitcoin could rise by 15% in the coming days before entering a consolidation phase.

Analysis shows that Bitcoin rebounded from $98,937 to over $107,000 on January 21, successfully retesting the wedge breakout level. Since the US approved the spot Bitcoin ETF, Bitcoin has shown a pattern of rising by $16,000 to $18,000 each time, a pattern that suggests that it could reach $122,000 in February.

Bitfinex analysts also took a similar view in their market report on January 21, emphasizing that Bitcoin has shown "impressive relative strength" compared to the stock market. Keith Alan, co-founder of Material Indicators, also predicted that Bitcoin would reach $122,000 based on the breakout of the cup-and-handle pattern on the Bitcoin weekly chart.