Outside Source
The return of the Bitcoin bull market — and new all-time highs — is “right around the corner,” confident traders say.
Market Update
Bitcoin (BTC) continued a rebound on Jan. 2 as $95,000 returned ahead of the first Wall Street open of 2025.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
$130,000 BTC price “feels inevitable”
Data from Cointelegraph Markets Pro and TradingView tracked BTC price gains of 1.5% on the day, taking BTC/USD to $95,880 on Bitstamp.
After revisiting monthly lows to start the week, Bitcoin showed strength as a long-expected deeper support retest failed to materialize.
“Christmas Range has swept both sides for liquidity now,” popular trader Daan Crypto Trades wrote in one of his most recent posts on X.
“Mid range at $95.8K has been acting as resistance on the most recent test.”
BTC/USDT perp 1-hour chart. Source: Daan Crypto Trades/X
An accompanying chart showed increased volume at the range lows — something which came as various market metrics began to turn in bulls’ favor.
“I’d recommend keeping track of when this range breaks out to either side. Should give a good idea of where this moves over the next 1-2 weeks,” Daan Crypto Trades added.
Continuing, fellow trader Jelle reiterated the similarities between BTC price action this new year and last, drawing comparisons to a chart fractal which ultimately resolved to the upside.
“The similarities are there, with or without another sweep of the lows,” he argued in part of his own X post.
“Comfy in spot, the next leg higher is right around the corner.”
BTC/USD chart. Source: Jelle/X
Jelle subsequently predicted that a trip to between $130,000 and $150,000 would result from the breakout.
Other market participants held a similar view, keeping faith in the strength of the Bitcoin bull market despite the holiday lull.
Entrepreneur and investor Jason Williams was among them, calling for a similar new all-time high for BTC/USD this quarter.
“$BTC has re-entered the accumulation zone,” he told X followers on Dec. 30.
“In my view, a few weeks of consolidation could set the stage for a massive breakout. $131.5K+ by Q1 2025 feels inevitable. See you there.”
BTC/USD 2-day chart. Source: Jason Williams/X
Williams’ chart took a longer-term view, likening the December range to that seen after old all-time highs hit in March last year. As Cointelegraph reported, the rangebound BTC price action that resulted ended up lasting more than seven months.
Bitcoin, crypto tipped for new year liquidity push
Equally bullish on the return of “TradFi” traders, meanwhile, Cole Kennelly, founder of crypto volatility index service Volmex, forecasted a broader bullish comeback for risk assets.
Related: Price analysis 1/1: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX, LINK, TON
These suffered in the second half of December, in particular, on the back of a hawkish tone set by the US Federal Reserve after its latest interest rate cut.
“My gut tells me the market goes full risk on and a lot of money piles into crypto, now that end of year logistics / rebalancing / etc is over,” Kennelly wrote.
“Should be a big next two days.”
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.
This article first appeared at Cointelegraph.com News
