Analyst Points to the Next Target on the Horizon After the Surge in Bitcoin: “If This Place Is Breached, The Next Stop Could Be…
Bitcoin (BTC) climbed to $105,000 today, reaching a new peak for 2025, as excitement grows for the inauguration of Donald Trump, who is expected to form a more crypto-friendly US government.
The price increase represents a 5.2% increase over the past 24 hours and marks a sharp recovery from the start of the week when Bitcoin fell below $90,000 amid a broad market sell-off.
The rally, which has seen BTC surge 17%, began as investor concerns eased following Wednesday’s US CPI inflation report. Speculation about Trump’s potential actions regarding cryptocurrency policy, such as easing regulations and creating a Bitcoin strategic reserve, further fueled the bullish trend as the Jan. 20 inauguration approaches.
Bitcoin has successfully broken out of a multi-week downtrend, surpassing last week’s high of $102,000, with analysts now eyeing key resistance levels.
“Near-term target resistance is now $108,000. There are many reasons for bullishness,” Alex Thorn, Galaxy’s research manager, said on X (formerly Twitter).
Similarly, John Glover, Chief Investment Officer of crypto lender Ledn, described Bitcoin’s technical setup as “very constructive” as Biden enters the final week of his presidency.
“The only risk to a corrective move would be if Trump fails to act on his plans to ease regulatory policies for digital assets or create BTC treasury holdings,” Glover wrote in a note to clients, drawing on recent headlines suggesting Trump is determined to make crypto a priority in his first 100 days.
Using wave theory, Glover predicted that Bitcoin could reach $128,000 in the coming months, completing a larger third wave in the uptrend. According to this theory, market trends occur in five waves, three of which are in line with the main trend while two represent pullbacks.
Breaking above the all-time high of $108,000 is critical to sustaining the current bullish momentum. While Glover acknowledged that the likelihood of BTC revisiting its recent low of $90,000 is low, he noted that this scenario is becoming increasingly less likely as momentum builds.
*This is not investment advice.
