After a lackluster year, Bitcoin is expected to surge in January next year. Bitcoin could enjoy this rally in the new year after cryptocurrency researcher Tony Severino spotted a potential doji candlestick formation.
Bitcoin Price Rise in New Year Possible with Doji Candle Formation
Severino wrote on X that the Doji candlestick pattern could boost Bitcoin prices in the first two months of the year. The expert expects Bitcoin to end December with a Doji candlestick and start January strong. His chart suggests that this strong continuation could continue throughout February.
The cryptocurrency researcher stated that the Doji candle indicates market indecision by buyers and sellers. He stated that the next candle tells market participants whether the strong market is continuing or whether a reversal is possible. Severino predicts that the next candle will reveal a strong continuation of the Bitcoin price.
Severino highlighted that similar doji candles in identical sub-waves each led to an additional two months of Bitcoin price appreciation before a local peak. If history repeats, the currency could rally for two months between January and February 2025.
BTCUSD price is $94571. TradingView chart
BTC price should surpass $92730
Cryptocurrency expert Ali Martinez said on X that if Bitcoin price drops below $92,730, it will go down. Bitcoin price could drop to $70,000 if it breaks $92,730, according to the analyst’s chart.
In another article on X, Martinez claimed that a Bitcoin price drop would not be harmful. He said that a 20% to 30% price correction is the most bullish for Bitcoin. Martinez said that a sustained close above $97,300 and a daily close above $100,000 invalidates his bearish outlook on Bitcoin.