Bitcoin (BTC) price closed Monday in a dragonfly Doji candlestick, hinting at a major buying from investors speculating on potential bullish sentiment in the coming weeks. The flagship coin teased below $90k on Monday to reach a daily low of about $89,171 before rallying over 6 percent to trade about $96.5k on Tuesday, January 14, during the early New York session.
As a result of the recent rebound, market trader Peter Brandt believes that Bitcoin price is now ready for the next rally beyond $100k. Moreover, Bitcoin is already in the price discovery phase and every correction is viewed as a buying opportunity by most investors.
With the heavy liquidations of Bitcoin’s leveraged market, involving both long and short traders, crypto trader Michaël van de Poppe is convinced that a consistent close above $95k in the coming days will set the stage for a rally towards $104k.
Furthermore, Bitcoin price has established a robust support level above $92k, thus increasing investors’ confidence in further upsurge. According to Poppe, the upcoming inauguration of pro-crypto US President-elect Donald Trump will kickstart bullish sentiment.
Already, Trump has signaled issuing presidential directives regarding the cryptocurrency industry on the first day in office.
Meanwhile, as the Fed prepares to issue its first interest rate decision of 2025 later this month, Poppe highlighted that the inflation data next week will be a major factor to influence BTC price action.
After registering the highest cash outflow since inception last week, BlackRock’s IBIT reported a net cash inflow of $29.46 million on Monday. More institutional investors, led by MicroStrategy Inc., have continued to relentlessly accumulate more Bitcoins to hedge against inflation and ongoing fiat devaluations.
As a result, it is safe to bet on a Bitcoin price rally in the coming months, majorly catalyzed by mainstream adoption of institutional investors and soon nation-states.
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