BPOI Banner
Doji Formation On Bitcoin Chart Suggests 2 Months Of Upside Doji Formation On Bitcoin Chart Suggests 2 Months Of Upside

Doji Formation On Bitcoin Chart Suggests 2 Months Of Upside


Este artículo también está disponible en español.

The Bitcoin price looks set to enjoy a bullish reversal in January next year, having maintained a tepid price action to close out this year. This bullish outlook for the flagship crypto came as crypto analyst Tony Severino revealed a potential Doji formation, which suggested that BTC could enjoy this uptrend in the new year.

Related Reading

Doji Formation Could Lead To New Year Bitcoin Price Rally

In an X post, Severino suggested that a Doji formation could lead to a Bitcoin price rally in the first two months of the new year. The analyst mentioned that he suspects BTC will end December with the Doji and then January shows a strong continuation for the flagship crypto. His accompanying chart showed that this strong continuation could extend into February. 

The crypto analyst explained that a Doji represents a pause in the market due to indecision from buyers and sellers. He added that the following candlestick shows market participants the decision the market has made through strong continuation or a reversal. In this case, Severino expects that the following candlestick will show a strong continuation for the Bitcoin price. 

Severino noted that a similar Doji at similar subwaves each resulted in two more months of upside before a local top was in for the Bitcoin price. Therefore, the crypto could enjoy two months of upside between January and February 2025 if history repeats itself. From a fundamental perspective, Donald Trump’s inauguration is one factor that could spark this strong continuation. 

BTCUSD currently trading at $94,571. Chart: TradingView

The BTC price rallied above $100,000 after Trump’s victory in the November US presidential elections. As such, the flagship crypto could continue this rally as Trump becomes the first pro-crypto US president. Moreover, the US president-elect may create a Strategic Bitcoin Reserve when he takes office, which would provide more bullish momentum for BTC.

BTC Needs To Hold Above $92,730

In an X post, crypto analyst Ali Martinez remarked that the Bitcoin price needs to avoid dipping below $92,730, as if that level breaks, it will be in free-fall territory. The analyst’s accompanying chart showed that Bitcoin could drop to the $70,000 range if it breaks this $92,730 price level. 

Related Reading

However, in another X post, Martinez suggested that such a Bitcoin price drop might not necessarily be bad. This came as he stated that a 20% to 30% price correction is the most bullish thing that could happen to Bitcoin. Meanwhile, Martinez stated that the invalidation levels for his bearish Bitcoin outlook are a sustained close above $97,300 and a daily close above $100,000. 

At the time of writing, the Bitcoin price is trading at around $94,400, down almost 2% in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Reuters, chart from TradingView

Source link

Scott Matherson

https://www.newsbtc.com/news/bitcoin/doji-formation-on-bitcoin-chart-suggests-btc-could-see-2-months-of-upside-in-the-new-year/

2024-12-29 06:00:36

bitcoin
Bitcoin (BTC) $ 95,285.53 6.55%
ethereum
Ethereum (ETH) $ 3,308.65 10.15%
tether
Tether (USDT) $ 0.999031 0.17%
xrp
XRP (XRP) $ 2.27 7.06%
bnb
BNB (BNB) $ 683.83 6.78%
solana
Solana (SOL) $ 193.74 10.67%
dogecoin
Dogecoin (DOGE) $ 0.342505 12.68%
usd-coin
USDC (USDC) $ 0.998849 0.16%
cardano
Cardano (ADA) $ 0.965291 12.17%
staked-ether
Lido Staked Ether (STETH) $ 3,307.98 9.96%
tron
TRON (TRX) $ 0.246741 9.03%
avalanche-2
Avalanche (AVAX) $ 37.68 14.66%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,952.28 9.38%
sui
Sui (SUI) $ 4.55 10.57%
chainlink
Chainlink (LINK) $ 20.66 12.77%
the-open-network
Toncoin (TON) $ 5.11 10.66%
stellar
Stellar (XLM) $ 0.418214 8.98%
shiba-inu
Shiba Inu (SHIB) $ 0.000021 11.81%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,222.51 6.30%
hedera-hashgraph
Hedera (HBAR) $ 0.27692 14.44%
polkadot
Polkadot (DOT) $ 6.72 14.23%
weth
WETH (WETH) $ 3,312.08 10.00%
bitcoin-cash
Bitcoin Cash (BCH) $ 427.47 10.89%
leo-token
LEO Token (LEO) $ 8.56 5.96%
uniswap
Uniswap (UNI) $ 13.03 13.18%
bitget-token
Bitget Token (BGB) $ 6.47 1.25%
litecoin
Litecoin (LTC) $ 100.85 11.44%
pepe
Pepe (PEPE) $ 0.000018 12.74%
hyperliquid
Hyperliquid (HYPE) $ 21.30 18.21%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,501.18 9.82%
near
NEAR Protocol (NEAR) $ 5.08 15.40%
ethena-usde
Ethena USDe (USDE) $ 0.998294 0.24%
usds
USDS (USDS) $ 0.997848 0.33%
internet-computer
Internet Computer (ICP) $ 10.62 13.65%
aptos
Aptos (APT) $ 9.05 13.22%
aave
Aave (AAVE) $ 292.60 13.95%
mantle
Mantle (MNT) $ 1.21 8.50%
render-token
Render (RENDER) $ 7.59 13.01%
crypto-com-chain
Cronos (CRO) $ 0.143795 11.29%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.454748 13.00%
ethereum-classic
Ethereum Classic (ETC) $ 25.16 12.16%
bittensor
Bittensor (TAO) $ 458.31 15.13%
mantra-dao
MANTRA (OM) $ 3.81 4.24%
vechain
VeChain (VET) $ 0.04493 14.49%
whitebit
WhiteBIT Coin (WBT) $ 27.17 4.03%
virtual-protocol
Virtuals Protocol (VIRTUAL) $ 3.55 8.63%
tokenize-xchange
Tokenize Xchange (TKX) $ 43.84 6.42%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.33 14.51%
dai
Dai (DAI) $ 0.99991 0.20%
monero
Monero (XMR) $ 184.82 9.28%