Doji Formation On Bitcoin Chart Suggests BTC Could See 2 Months Of Upside In The New Year

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,943,378,068,665	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,943,378,068,665

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,519.39	1.57%	98,424.89	98,412.50	98,419.78

Price Change

Price Change %

Current Price

Bid Price

Offer

1,519.39

1.57%

98,424.89

98,412.50

98,419.78

High Price	Low Price	Open Price	Prev. Close	52 Week Range
98,969.92	96,016.63	96,937.86	96,896.52	38,501.00 - 108,388.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

98,969.92

96,016.63

96,937.86

96,896.52

38,501.00 - 108,388.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:20:30	0.000010	98,408.21	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:20:30

0.000010

98,408.21

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,315,130,565.79	13,473.72	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,315,130,565.79

13,473.72

Doji Formation On Bitcoin Chart Suggests BTC Could See 2 Months Of Upside In The New Year

29/12/2024 6:00am

NEWSBTC

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: Bitcoin ‘Head and Shoulders’ Setup Raises Fears Of $80,000 Price Drop – Details 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. 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: Bitcoin Exchange Reserves Surge: Are Traders Preparing For A Major Market Shift? 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

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