Introduction
The crypto market has taken a bullish turn ahead of President-elect Donald Trump’s inauguration on January 20, with Bitcoin (BTC) price surging by 8.5% in 2025. As the largest crypto asset breaks past $100,000 once again, multiple analysts are presenting new all-time high targets for BTC in the coming days.
Could Bitcoin Hit $138K in February?
Bitcoin closed a daily candle above $100,000 for the first time on December 8, but since then, it has been above the six-figure level for only six days. A daily close above $100,000 will be a pivotal turn, and Posty, a crypto trader, believes that BTC’s current price action reflects its bullish rally from Q1, 2021.
Analyzing Bitcoin’s Price Action
Posty analyzed BTC’s price action and observed that it has been following a similar pattern to its previous cycle. The trader believes that if BTC continues to follow this pattern, it could reach an all-time high of $138,000 in February. This prediction is based on the laws of diminishing returns over a period of four years.
Other Analysts Weigh In
Cryptochimpanz, a Bitcoin proponent, also presented a bullish view on BTC’s price action. The trader believes that BTC’s monthly chart illustrates a ‘nasty’ setup from its previous bull run. According to Cryptochimpanz, if we follow a similar path, the price of Bitcoin can go as high as $200k.
Bitcoin Supply in Profit
Axel Adler Jr., a Bitcoin researcher, highlighted that 90% of the total Bitcoin supply is currently in profit. Unless there is a ‘black swan’ in the current cycle, BTC drawdowns could be minimal and emulate its 2017 bull run, rather than 2021, when China’s BTC mining ban momentarily halted the rally.
Coinbase Premium Returns to Neutral
After a period of rigorous selling between December 18 and January 2, Bitcoin’s Coinbase premium has returned to a neutral index, as recorded on January 4. IT Tech, an anonymous Bitcoin analyst, explained that the premium increasing back to a breakeven point shows that ‘sentiment by the US and institutional investors is back.’
Important Note:
It’s essential to remember that the Coinbase premium largely tracks US retail investor sentiment rather than institutional sentiment.
Retail Investor Sentiment
However, Cointelegraph earlier reported that overall Bitcoin retail investors’ transaction volumes have dropped significantly since BTC reached $108,000 last month. The rolling 30-day change in retail-sized transaction volumes under $10,000 has dropped to lows, which was last witnessed in September 2024.
Darkfost, an onchain analyst, said that it means retail interest had dropped significantly, but it opens an ideal buying opportunity over the long term.
Technical Analysis
From a technical perspective, Bitcoin has undergone a bullish break of structure (BOS) after it closed a daily candle above $97,000 last week. Its current break above $100,000 is a positive sign, but Crypto Scient emphasized that $100,000 remained a key inflection point for Bitcoin.
Conclusion
This article provides an in-depth analysis of the current state of the crypto market and Bitcoin’s price action. With multiple analysts presenting bullish views on BTC’s future price, it’s essential to keep an eye on the market trends and stay informed about any changes in retail investor sentiment.
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Disclaimer:
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
