Crypto analyst MadWhale has revealed where the Bitcoin price could be headed next, having correctly predicted the BTC crash to $89,000. The analyst also explained why the flagship crypto’s current outlook is bullish, which could lead to further gains.
Where The Bitcoin Price Is Headed Next
In a TradingView post, MadWhale predicted that the Bitcoin price could record a 17% gain and rally to a new high of $110,000. The analyst explained that the outlook for the crypto market is largely positive. He added that there is again a surge in market volume after the usual holiday lull, which often causes temporary price drips.
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MadWhale further remarked that this increase signals renewed interest from investors, which is a bullish sign and could indicate rising prices soon. In line with this, he predicted that the Bitcoin price might be on track to hit new all-time highs (ATHs). From a technical perspective, the analyst noted that the charts show solid support levels. This suggests that upward momentum could continue, leading to this potential gain of 17% for the flagship crypto.
The analyst’s accompanying chart showed that the projected Bitcoin price rally to $110,000 could happen this month. This prediction undoubtedly provides some optimism, considering the recent BTC crash. Bitcoin dropped to as low as $89,000 yesterday amid the uncertainty in the market.
This market uncertainty has been due to developments on the macro side, such as the December jobs data. Following the strong US job data, traders predict there will be only one Fed rate cut this year, which is bearish for the Bitcoin price and the broader crypto market. On the other, Donald Trump’s inauguration provides a bullish outlook for the flagship crypto.
Trump has promised to create a Strategic BTC Reserve, which is bullish for the Bitcoin price, as it could lead to widespread nation-state adoption of the flagship crypto.
A Bullish Reversal Is Already In Play
Crypto analyst Jelle suggested that a bullish reversal is already in play for the Bitcoin price. He mentioned that Bitcoin took out the main downside liquidity and immediately pushed back above $94,000. The crypto analyst added that the flagship crypto is now running into a resistance at its current level, with the 200-day Exponential Moving Average (EMA) and the level it has been struggling with for a while.
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Jelle predicted that a Bitcoin price breakout above $97,000 could lead to new highs for the flagship crypto. In another X post, he stated that BTC is pushing for a breakout from the weekly falling wedge. The crypto analyst added that the target of this formation is roughly $130,000.
At the time of writing, the Bitcoin price is trading at around $96,300, up almost 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
