Doji Formation On Bitcoin Chart Suggests 2 Months Of Upside
Bitcoin price is expected to stage a bullish reversal in January next year, with price action remaining moderate at the end of the year. Cryptocurrency analysts have bullish outlook on flagship cryptocurrency Tony Severino A potential doji pattern was revealed, suggesting that Bitcoin may enjoy this uptrend in the new year.
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Doji formation could lead to higher Bitcoin prices in the new year
in a X posts, Severino said the formation of a doji could cause Bitcoin prices to rise in the first two months of the new year. The analyst mentioned that he suspects BTC will see a doji in late December, followed by a doji in January strong continuation For the flagship cryptocurrency. The chart he attached shows that this strong continuation may extend into February.
The cryptocurrency analyst explained that the Doji represents a pause in the market due to indecision from buyers and sellers. He added that the candlestick below shows market participants the market’s decision via a strong continuation or reversal. In this case, Severino expects the following candlestick to show strong continuation for Bitcoin price.
Severino noted that similar dojis in similar sub-waves all led to gains for more than two months before the uptick occurred. local top It’s for the Bitcoin price. Therefore, if history repeats itself, the cryptocurrency could enjoy two months of upside between January and February 2025. From a fundamental perspective, Donald Trump’s inauguration is one of the factors that could trigger this strong continuation.
After Trump won the US presidential election in November, the price of Bitcoin rose above $100,000. Therefore, the flagship cryptocurrency is likely to continue this rally as Trump becomes the first U.S. president to support cryptocurrencies. Furthermore, the President-elect of the United States may create a Bitcoin strategic reserve This will provide more bullish momentum for Bitcoin when he takes office.
BTC needs to stay above $92,730
In X post, crypto analyst Ali Martinez It means that Bitcoin price needs to avoid falling below $92,730, and if it breaks through this level, it will enter the free fall zone. The analyst’s accompanying chart shows that if Bitcoin breaks above the $92,730 price level, it could drop to the $70,000 range.
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However, Martinez said in another X post that falling Bitcoin prices are not necessarily a bad thing. He said that 20% to 30% price correction This is the most optimistic thing that can happen to Bitcoin. Meanwhile, Martinez stated that the ineffective levels for his bearish outlook on Bitcoin are sustained closes above $97,300 and daily closes above $100,000.
According to statistics, as of this writing, Bitcoin price is about $94,400, down nearly 2% in the past 24 hours data From CoinMarketCap.
Featured image from Reuters, chart from TradingView
