ADOPTION NEWS

Bitcoin’s 10% ‘God Candle’ Hints Next $130K – Analyst

By 3 Mins Read

Bitcoin recorded a flash of volatility at the start of the European trading session on January 20, hitting an all-time high of $109,356 on Bitstamp.

Bitcoin (BTC) price rose 9.6% from below $100,000 on January 19, trading above $109,000 for the first time.

At the time of this writing, BTC trading is at around $108,000, up 3.3% in 24 hours, according to data from Cointelegraph Markets Pro and TradingView.

BTC/USD daily chart. Source: Cointelegraph/TradingView

Bitcoin is a “God’s Candle” that causes OI to increase

BTC/USD reached an all-time high after “teleporting” more than $7,200 in 60 minutes, according to data from Cointelegraph Markets Pro and TradingView.

This came just hours before US President-elect Donald Trump was inaugurated and returned for a second term.

The cryptocurrency industry received a major boost over the weekend when Donald Trump launched his official memecoin, TRUMP (TRUMP), reaching a market capitalization of $20 billion in just two days to enter the top 15 on January 15th. A change has occurred. 19.

This sent shockwaves throughout the cryptocurrency market, which continued with his wife Melania Trump launching her own memecoin, sending TRUMP and other cryptocurrencies falling.

However, BTC has made an “impressive comeback” and is “once again hitting record highs after a roller coaster week that showed the cryptocurrency’s trademark volatility,” said Ferozwala, an anonymous analyst.

The rally reversed the previous drop of more than $3 billion in open interest. Data from monitoring resource CoinGlass shows that BTC prices have rebounded, adding about $4.74 billion.

Exchange Bitcoin futures OI. source: Coin Glass

The reversal in BTC price action triggered massive liquidations across cryptocurrency markets, with over $52 million worth of BTC short positions liquidated within an hour.

relevant: BTC price nears $110,000 after Trump Bitcoin holdings surge to 60%.

Bitcoin price could rise above $130,000.

While many expected Trump’s inauguration to push Bitcoin to all-time highs, trader and analyst Jelle is optimistic that the time has come for a surge to the “mid $130,000s.”

“Bitcoin broke out of the bearish triangle, retested, and went straight to a new all-time high,” the analyst wrote in a post to X on January 20.

Jelle is a reference to the triangle that has been forming since mid-November. The price rose above the triangle resistance line on January 17, signaling the beginning of an upward trend.

“The target for this move is the mid-$130,000s.”

BTC/USD daily chart. source: gel

For fellow analyst Daan Crypto Trades, Bitcoin’s rise to a new all-time high after quickly closing the “small CME gap” it had previously opened marked a “good start” to an exciting week.

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.