A crypto analyst, MadWhale, who accurately predicted Bitcoin’s plunge to $89,000, is now forecasting a significant price increase. Let’s dive into their prediction and what other analysts are saying.
MadWhale’s Bullish Outlook
MadWhale believes Bitcoin could surge by 17%, reaching a new high of $110,000. Their optimism stems from several factors:
- Increased Market Volume: After the usual post-holiday slump, trading volume is picking up, indicating renewed investor interest – a positive sign.
- Strong Support Levels: Technical analysis shows robust support levels on the charts, suggesting continued upward momentum.
- Timing: MadWhale’s chart suggests this $110,000 target could be reached this month.
This prediction is particularly noteworthy given Bitcoin’s recent drop.
Macroeconomic Factors at Play
The recent market uncertainty, leading to Bitcoin’s dip, is linked to macroeconomic events:
- US Jobs Data: Strong December jobs data suggests fewer Federal Reserve rate cuts this year, generally considered bearish for Bitcoin.
- Trump’s Potential BTC Reserve: Conversely, Donald Trump’s proposal for a Strategic Bitcoin Reserve is bullish, as it could boost widespread adoption.
Another Analyst Weighs In: Jelle’s Prediction
Another analyst, Jelle, agrees that Bitcoin is showing signs of a bullish reversal. They highlight:
- Liquidity Breakout:
Bitcoin broke through a key support level and quickly rebounded above $94,000. - Resistance Levels: Currently facing resistance around the 200-day EMA and a previously significant price level.
- Breakout Target: A break above $97,000 could trigger a rally to new highs. Jelle even suggests a potential target of $130,000 based on a “weekly falling wedge” pattern.
Current Bitcoin Price
At the time of writing, Bitcoin is trading around $96,300, a nearly 4% increase in the last 24 hours.
