BTC May See 2 Months Of Growth In New Year After Doji Formation On Chart
After a lackluster year, Bitcoin is expected to rise in January next year. BTC may enjoy this rally in the new year after crypto researcher Tony Severino spotted a probable Doji formation.
New Year Bitcoin Price Rally Possible With Doji Formation
A Doji pattern might boost Bitcoin prices in the first two months of the year, Severino wrote on X. The expert expects BTC to conclude December with the Doji and start January strong. His chart indicates this strong continuation might go throughout February.
The crypto researcher stated that a Doji indicates market hesitancy from buyers and sellers. He stated that the next candlestick tells market participants the market's strong continuance or reversal choice. Severino anticipates the next candlestick will reveal a strong Bitcoin price continuation.
Severino highlighted that comparable Dojis at identical subwaves each led to two additional months of Bitcoin price appreciation before a local peak. If history repeats, the coin might rise for two months between January and February 2025. Fundamentally, Donald Trump's inauguration might fuel this robust continuation.
The BTCUSD price is $94,571. TradingView chart
After Trump won the November election, BTC rose beyond $100,000. The flagship crypto may continue rallying as Trump becomes the first pro-crypto US president. The US president-elect may also establish a Strategic Bitcoin Reserve, which would boost BTC.
BTC Must Exceed $92,730
Crypto expert Ali Martinez said on X that if Bitcoin falls below $92,730, it would plummet. Bitcoin might plummet to $70,000 if it breaches $92,730, according to the analyst's graphic.
Martinez argued in another X article that a Bitcoin price decline would not be harmful. He said a 20% to 30% price correction is the most optimistic for Bitcoin. Martinez said a sustained closure over $97,300 and a daily close above $100,000 invalidate his pessimistic Bitcoin prognosis.
