Bitcoin’s Bull Run: $122K Target in Sight as Institutional Support Grows

Bitcoin Price Set to Hit $122K: Strong Institutional Backing Fuels Bullish Outlook
Markus Thielen Predicts $122K Bitcoin as Institutional Interest Skyrockets
Bitcoin’s Path to $122K: Key Predictions and Market Momentum Explained

Bitcoin Could Hit $122,000 by February, Says Analyst Markus Thielen

Bitcoin is on track to reach $122,000 by February, according to Markus Thielen from 10x Research. Since the approval of Bitcoin ETFs in the U.S., the cryptocurrency has been steadily climbing in increments of $16,000 to $18,000, and Thielen believes this upward trend could continue. Bitcoin recently tested a key price level, bouncing from $98,937 to above $107,000, and is currently trading at $101,727. Thielen views this price movement as a low-risk, high-reward entry point for traders, with stop-losses around $98,000 to minimize potential losses while maintaining strong upside potential.

The positive outlook for Bitcoin is reinforced by growing institutional interest. Inflows into Bitcoin ETFs, including BlackRock’s IBIT, totaled $802 million in just one week, signaling strong institutional support. Furthermore, Bitcoin’s performance is increasingly decoupled from traditional markets, demonstrating its resilience as an asset. The cryptocurrency is becoming more attractive to institutional investors, with the CME options market reflecting the highest sentiment levels since the 2016 U.S. election, as traders confidently purchase call options.

Thielen’s prediction of Bitcoin reaching $122,000 aligns with broader market trends, suggesting Bitcoin could not only hit this target but also trade above it before testing the level as support. Keith Alan from Material Indicators shares similar views, noting that Bitcoin’s breakout from a “cup-and-handle” pattern on weekly charts signals a move toward new highs.

Despite the optimistic outlook, Bitcoin is expected to enter a consolidation phase after reaching $122,000. Historically, Bitcoin has followed price surges with periods of stabilization, and such consolidations offer opportunities for investors to re-enter at lower prices. Bitcoin’s price has consistently risen in waves, and past consolidation phases have been followed by major price surges.

Moreover, long-term holders of Bitcoin, known as “smart money,” have reduced their selling activity. Over 1 million BTC have been sold since September, but the rate of selling has slowed. Bitcoin’s current support level stands at $100,000, which analysts see as a critical indicator for the market’s direction. If the trend continues, Bitcoin could rise to $130,000 by February 2025.

Bitcoin is currently trading at $101,727, with market sentiment remaining bullish. The Fear & Greed Index, which shows an extreme level of greed at 84, coupled with strong institutional interest, suggests Bitcoin could hit $122,000 in the near future.

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