Markus Thielen, head of research at 10x Research, noted that Bitcoin has been increasing in increments of $16,000 to $18,000 since the approval of spot Bitcoin exchange-traded funds in the U.S. last year and anticipates it could reach $122,000 by February.

As of January 21, 2025, Bitcoin's price rebounded from approximately $98,937 to above $107,000, indicating a successful retest of its wedge breakout.

Following Donald Trump's inauguration on January 20, 2025, Bitcoin tested resistance at around $101,000, presenting traders with an opportunity to set stop-losses at $98,000 to manage risks.

Keith Alan, co-founder of Material Indicators, supports Thielen's prediction, suggesting that Bitcoin's breakout from a cup-and-handle pattern could lead to hitting the $122,000 mark.

Thielen also suggested that Bitcoin may exceed $122,000 in a potential rally, indicating that prices could rise significantly before possibly retesting that level as support.

Thielen predicts Bitcoin could rise by 15% from its current price within days, but may then enter a consolidation phase.

He describes the current price chart as signaling a 'low-risk, high-reward entry opportunity' for traders, with Bitcoin trading at $105,727 at the time of the report.

Analysts from Bitfinex echoed Thielen's sentiments, noting Bitcoin's recovery demonstrates its strong relative strength compared to the stock market.

The article emphasizes that it does not provide investment advice, and readers should conduct their own research when making investment decisions.