Bitcoin's 10% 'God Candle' Hints at $130K Next — Analyst

Cryptocurrency

Summary:

Bitcoin prints a “god candle” to all-time highs in what traders say is a good start to an “interesting week.”

Bitcoin hit flash volatility on Jan. 10 at the start of the European trading session to hit an all-time high of $109,356 on Bitstamp.

BTC price has climbed from its lows below $100,000 on Jan. 19, rising as much as 9.6% to trade above $109,000 for the first time ever.

Data from Cointelegraph Markets Pro and TradingView shows BTC trading at around $108,000, up 3.3% over 24 hours. Bitcoin's 10% 'God Candle' Hints at $130K Next — Analyst_1

Bitcoin's 10% 'God Candle' Hints at $130K Next — Analyst_1

BTC/USD daily chart. Source: Cointelegraph/TradingView

Bitcoin triggers OI increase with a “god candle”

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD reached its highest-ever levels after “teleporting” over $7,200 in 60 minutes. Bitcoin's 10% 'God Candle' Hints at $130K Next — Analyst_2

Bitcoin's 10% 'God Candle' Hints at $130K Next — Analyst_2

This comes just hours before US President-elect Donald Trump is inaugurated and returns to office for his second term.

Over the weekend, this led to a wild ride in the crypto industry when Donald Trump launched his own memecoin Official TRUMP ($TRUMP), achieving a market cap of as high as $20 billion in only two days to rank among the top 15 on Jan. 19.

This sent shockwaves across the crypto market, which continued when his wife, Melania Trump, launched her own memecoin, causing TRUMP and other cryptocurrencies to drop.

BTC has, however, made an “impressive comeback” and is “once again flirting with all-time highs after a rollercoaster of a week that showcased the cryptocurrency’s trademark volatility,” said pseudonymous analyst Ferozwala.

The rally reversed what had previously been a drop of over $3 billion on open interest. Data from monitoring resource CoinGlass showed an increase of around $4.74 billion as BTC price rebounded. Bitcoin's 10% 'God Candle' Hints at $130K Next — Analyst_3

Bitcoin's 10% 'God Candle' Hints at $130K Next — Analyst_3

Exchange Bitcoin futures OI. Source: CoinGlass

The turn-around in BTC’s price action has also sparked massive liquidations across the crypto market, with more than $52 million short BTC positions being liquidated in less than one hour.

Bitcoin price could be headed above $130K

While many expected Trump’s inauguration to take Bitcoin to new all-time highs, trader and analyst Jelle is optimistic that the time may have come for a run-up to “mid $130Ks.”

“Bitcoin broke out from the descending triangle, retested it — and bounced straight to new all-time highs,” the analyst said in a Jan. 20 post on X.

Jelle was referring to a triangle that has been in formation since mid-November. The price broke above the triangle’s resistance line on Jan. 17, signaling the start of a bullish move upward.

“Target of this move is somewhere in the mid $ 130k.” Bitcoin's 10% 'God Candle' Hints at $130K Next — Analyst_4

BTC/USD daily chart. Source: Jelle

For fellow analyst Daan Crypto Trades, Bitcoin’s rise to new record highs after swiftly closing a “small CME gap” it had earlier opened marks a “good start” to an interesting week. Bitcoin's 10% 'God Candle' Hints at $130K Next — Analyst_5

Bitcoin's 10% 'God Candle' Hints at $130K Next — Analyst_5

Source: Cointelegraph

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