Bitcoin traders see $122K in weeks as BTC price breakout looms

Bitcoin (BTC) closed in on new monthly highs on Jan. 19 as traders braced for the return of BTC price discovery.

Bitcoin all-time highs expected “pretty soon”

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was nearing $105,500 on Bitstamp ahead of the weekly close.

Up around 12% month-to-date, Bitcoin looked increasingly attractive to longs with just one day to go until the inauguration of US President-elect Donald Trump.

Trump’s controversial memecoin, OFFICIAL TRUMP (TRUMP), passed $11 billion in market cap on the day, entering the top twenty largest cryptocurrencies.

Amid a broadly positive outlook for crypto, traders began to eye new records.

“$BTC ath incoming pretty soon imo,” popular trader Pentoshi predicted in one of his latest posts on X.

Crypto trader Moataz Elsayed, known as Eljaboom on X, described Bitcoin as entering the “belief phase” of its current price cycle.

“$150K Bitcoin will happen this cycle,” he told X followers alongside a chart comparing BTC price action now and four years ago.

Fellow trader Daan Crypto Trades nonetheless acknowledged the need to hold one significant support zone going into the weekly close.

“$BTC Clean retest of the prior yearly high,” his latest market analysis read. 

“Looks good for a move to the all time high next week as long as that ~$102.7K level is held.”

BTC price targets converge around $122,000

BTC price targets remained lofty, with market participants seeing not only a move into price discovery but short-term upside of 20% or more.

Related: Bitcoin price still on track for $180K in 2025: Interview with Filbfilb

Among them was the popular X commentator Nunya Bizniz, who focused on an upward trend line in need of a breakout.

An accompanying chart highlighted a target of $122,000 for around the start of February.

That figure was shared by Keith Alan, co-founder of trading resource Material Indicators, as part of the breakout from a so-called cup-and-handle pattern on the Bitcoin weekly chart.

“Bitcoin has reclaimed the key moving averages and is grinding back toward ATH Territory,” he reported on Jan. 17.

“Double Top Resistance lives at $108k, Psychological Resistance at $110k, Cup & Handle Target at $122k.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.