Bitcoin may rally by 15% in the coming days, potentially reaching $122,000 in February before entering a consolidation phase. This is according to a 10x Research report authored by Markus Thielen, Head of Research at 10x Research.

In the Jan. 21 market insight, Thielen noted that bitcoin “successfully retested its wedge breakout,” presenting a “low-risk, high-reward entry opportunity” for traders.

Thielen highlighted a notable price pattern, where bitcoin has been climbing in $16,000 to $18,000 increments since the approval of spot bitcoin exchange-traded funds (ETFs) in the U.S. last year. If the trend continues, bitcoin could reach $122,000 by February and may trade even higher before retesting the level as support.

Breaking past $106,000 is a critical signal for the continuation of this established pattern with a bullish trajectory, as long as it maintains these breakout levels. Traders and investors are watching closely as bitcoin’s price movements signal both short-term gains and potential longer-term strength.

With bitcoin trading between $104,000 to $106,000, it would be interesting to see how strong the next breakout will be and if it respects the $16,000 to $18,000 increment levels as highlighted in the 10x Research report.

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