Bitcoin Enters Price Discovery Phase, Analysts Predict Bullish Year Ahead
The cryptocurrency market is abuzz with excitement as Bitcoin (BTC) continues its upward trajectory, with some analysts predicting a bullish year ahead. According to crypto analyst Daan Crypto Trades, Bitcoin “has only just started its price discovery phase,” a phenomenon that occurs when an asset enters new territory and makes consecutive new all-time highs.
Whales Accumulate Bitcoin
At the time of writing, BTC is just 6% away from its December 17 peak price of $108,135, according to CoinGecko. The cryptocurrency has gained more than 10% in a week and broke above the $100,000 level again during late trading on January 6. BTC hit an intraday high of $102,500 during early trading in Asia on Tuesday before falling back slightly.
Most Bullish Year of the Cycle
Daan Crypto Trades notes that “we’re now in the first full week of the post-halving year, which is historically the most bullish year of the cycle.” This sentiment is echoed by CryptoQuant founder Ki Young Ju, who commented on the bull market, stating that “new liquidity sources are steadily fueling the market, and more are waiting to be unlocked.”
Contrasting Views on the Bull Market
However, not all analysts share the same optimism. Some analysts at CryptoQuant predict that the bull market may end in the first half of this year. ITC founder Benjamin Cowen observed that Bitcoin would need to reclaim a short-term trendline, which could put its price at $120,000 by January 20.
Technical Analysis and Market Trends
Rekt Capital noted that Bitcoin’s bullish daily candle above $101,165 is a breakout from its daily range. He also predicted that 2025 will be the year of the bull market peak, 2026 will be the year of the bear market, and “2027 will be the bottoming out year to precede an entirely brand new future bull market.” Meanwhile, Bitcoin educator and investor Tone Vays announced that he is back in the market at current levels after selling in November.
Crypto Market Update
The crypto market capitalization is up marginally at $3.74 trillion, mostly due to Bitcoin’s 2.7% daily gain into six-figure territory again. Ethereum hasn’t mirrored the momentum, with a short spike above $3,700, only to fall back again on Tuesday morning. Altcoins were mostly flat, with minor gains for Tron (TRX), Avalanche (AVAX), and Hyperliquid (HYPE).
Conclusion
In conclusion, Bitcoin’s entry into the price discovery phase has sparked excitement among analysts, with some predicting a bullish year ahead. While there are contrasting views on the bull market, technical analysis and market trends suggest that Bitcoin is poised for further growth. As the cryptocurrency market continues to evolve, it remains to be seen whether these predictions will come to fruition.
Source: Cryptopotato.com
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