Bitcoin predicted to reach $120,000, soaring after Trump's inauguration

The Bitcoin market sentiment has reached its peak as traders predict a shift towards supporting cryptocurrencies after Donald Trump’s inauguration on January 20. Investors are betting on a historic price increase that could push the price up to $120,000 or more.

With Bitcoin trading near $101,810, exchanges like Deribit have seen increased interest in buying BTC options worth $120,000, currently at $1.52 billion. Greg Magadini, Director at Amberdata, believes that the price surge may be driven by policy announcements and favorable sentiment surrounding Trump’s stance on cryptocurrency. Technical Analysis: Two potential scenarios Technical analysts are monitoring two potential scenarios for the price of Bitcoin. The first scenario is a breakout in price. BTC has recently reflected the Wyckoff accumulation pattern, last seen during the FOMC interest rate cut. Analysts say holding the support level of $90,800, with potential silver up to $86,500, will confirm the uptrend. Please provide the text to be translated The latter, however, is where the fear of a “brutal” scenario exists. The immediate resistance at $102,760, the highest level in recent weeks, needs a decisive breakout in large volumes to confirm the next gain. A clear move above this level could push Bitcoin to $110,000 or higher in the coming weeks. Risk to the growth of Bitcoin If Bitcoin faces rejection at the current resistance level, it could retest support levels near $97,000 or $90,000, creating buying opportunities for traders. Failure to hold these levels could lead to a significant correction, testing Bitcoin’s recent gains. Please provide the text to be translated Bitcoin candlestick chart highlights market indecision, with buyers and sellers evenly matched near the resistance level. This tug-of-war underscores the high-risk nature of Bitcoin price action as traders anticipate potential policy changes under Trump. With the inauguration ceremony just a few weeks away, Bitcoin is at a critical juncture. Whether this triggers a price surge or a correction, Bitcoin remains at the center of global financial discussions.