Bitcoin (BTC) Price Prediction for January 17
In the last day, Bitcoin’s price has made a good recovery, rising from around $100,000 to currently trading at $102,448, an increase of over 3.1%. It even briefly peaked at $102,622 but couldn’t keep up that level. The trading volume of Bitcoin over the past 24 hours has gone up by 5.5% to $61.2 billion.
Zooming out, Bitcoin fell below $100,000 on January 7 and has been mostly declining since then. It reached a low point of about $89,397 on January 13 but has started to bounce back from that drop. As a result, its total market value has increased by 3.12% to $2.02 trillion in one day.
Potential Bitcoin Reserve Might Create New ATH
Several analysts have noticed that Bitcoin’s price and the chances of setting up a Bitcoin reserve often increase together. Whenever Bitcoin’s price goes up, it seems more likely that a Bitcoin reserve will be created.
Bitcoin’s price went up by 8.2% this week but declined 2% in the last 30 days. Yesterday, Bitcoin’s price quickly went over $102,000 before falling a bit. This is the first time it has reached this price since last Tuesday, January 7.
Several reasons caused this price jump. One main reason is the upcoming U.S. presidential inauguration on January 20, which has brought a lot of interest to Bitcoin and other cryptocurrencies with the potential of setting up a Bitcoin reserve.
As Bitcoin’s price keeps going up, there’s more activity from big investors, often called “whales.” According to data from IntoTheBlock, the number of large Bitcoin transactions has jumped from 15,620 to 23,920. This increase suggests that these big investors are playing a significant role in the rising price of Bitcoin.
Bitcoin Price Prediction: Technical Analysis
Bitcoin price smoothly surged from its $100K level and broke the $102,000 level. Though it is facing minor selling pressure around the immediate Fib channel, BTC might soon overcome the level. As of writing, BTC price trades at $102,666, surging over 3.8% in the last 24 hours.
The BTC/USDT trading pair continues to hover around $102K, which could be a major obstacle. If the price falls below the EMA20 trend line on the 1-hour chart, the sellers will likely try to push it back down to $95,000.
However, if the price manages to hold above $102K, it would favor the buyers. The trading pair could then increase to $108,256, and possibly reach $111K afterward. If it surpasses this level, the next target could be above $125,000. We expect a minor upward correction as the RSI level is at 73, suggesting an overbought condition.
Bitcoin Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BTC price might continue to struggle around $102K. However, the pressure might soon weaken, resulting in a consolidation below $105K.
Long-term: According to Coincodex’s latest Bitcoin price prediction, Bitcoin’s price is expected to increase by 24.37% and reach $126,849 by February 16, 2025. Coincodex’s technical indicators suggest a bullish sentiment, while the Fear & Greed Index indicates a level of 75, classified as Greed. Over the past 30 days, Bitcoin has had 14 out of 30 green days, showing a price volatility of 2.59%. Based on this forecast, it is currently a good time to buy Bitcoin.
How much is Bitcoin price today?
Bitcoin price is trading at $102,666 at the time of writing. The BTC price has increased by over 3.8% in the last 24 hours.
What is the BTC price prediction for January 17?
Throughout the day, Bitcoin price might consolidate around $102K-$104K. If it breaks above, we might see $108K today. On the downside, $97K is the lower range.
Is Bitcoin a Good Buy Now?
According to long-term forecasts, Bitcoin price might reach $126,849 by February 16. This makes BTC price a good investment considering its monthly yield.
Investment Risks for Bitcoin
Investing in Bitcoin can be risky due to market volatility. Investors should:
- Conduct technical and on-chain analysis.
- Assess their financial situation and risk tolerance.
- Consult with financial advisors if necessary.
