CandleFocus

3 reasons why Bitcoin price may surge to $123k in January

Author: Content Editor
The price of Bitcoin has experienced a significant drop this week due to concerns about the bond market and the Federal Reserve's hawkish stance. However, there are indications that Bitcoin may recover and reach $122,000 in January. This is potentially due to the ongoing demand and supply imbalance, with increasing ETF inflows and continued accumulation by Bitcoin whales. Furthermore, the decreasing number of Bitcoin balances on exchanges suggests a shrinking supply, which could benefit Bitcoin's price. Additionally, the upcoming distribution of $16 billion from the FTX Estate to investors and creditors, some of whom may convert funds into cryptocurrencies, could act as a catalyst for Bitcoin's price. The anticipation of new crypto regulations under the Biden administration and Gary Gensler's resignation may also contribute to a potential rise in Bitcoin's price. Technical indicators, such as the bullish pennant pattern and the support from moving averages, suggest further upside potential in January. The cup-and-handle pattern for Bitcoin also points to a target price of $123,000.

Related News