{"id":2229,"date":"2024-12-29T19:13:09","date_gmt":"2024-12-29T19:13:09","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/doji-formation-on-bitcoin-chart-suggests-btc-could-see-2-months-of-upside-in-the-new-year\/"},"modified":"2024-12-29T19:13:09","modified_gmt":"2024-12-29T19:13:09","slug":"doji-formation-on-bitcoin-chart-suggests-btc-could-see-2-months-of-upside-in-the-new-year","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/doji-formation-on-bitcoin-chart-suggests-btc-could-see-2-months-of-upside-in-the-new-year\/","title":{"rendered":"Doji Formation On Bitcoin Chart Suggests BTC Could See 2 Months Of Upside In The New Year"},"content":{"rendered":"

The Bitcoin price looks set to enjoy a bullish reversal in January next year, having maintained a tepid price action to close out this year. This bullish outlook for the flagship crypto came as crypto analyst Tony Severino<\/a> revealed a potential Doji formation, which suggested that BTC could enjoy this uptrend in the new year.<\/p>\n

Doji Formation Could Lead To New Year Bitcoin Price Rally<\/b><\/h2>\n

In an X post,<\/a> Severino suggested that a Doji formation could lead to a Bitcoin price rally in the first two months of the new year. The analyst mentioned that he suspects BTC will end December with the Doji and then January shows a strong continuation<\/a> for the flagship crypto. His accompanying chart showed that this strong continuation could extend into February.\u00a0<\/p>\n

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The crypto analyst explained that a Doji represents a pause in the market due to indecision from buyers and sellers. He added that the following candlestick shows market participants the decision the market has made through strong continuation or a reversal. In this case, Severino expects that the following candlestick will show a strong continuation for the Bitcoin price.\u00a0<\/p>\n

Severino noted that a similar Doji at similar subwaves each resulted in two more months of upside before a local top was in for the Bitcoin price. Therefore, the crypto could enjoy two months of upside between January and February 2025 if history repeats itself. From a fundamental perspective, Donald Trump\u2019s inauguration is one factor that could spark this strong continuation.\u00a0<\/p>\n

<\/p>\n

The BTC price rallied above $100,000 after Trump\u2019s victory in the November US presidential elections. As such, the flagship crypto could continue this rally as Trump becomes the first pro-crypto US president. Moreover, the US president-elect may create a Strategic Bitcoin Reserve<\/a> when he takes office, which would provide more bullish momentum for BTC.<\/p>\n

BTC Needs To Hold Above $92,730<\/b><\/h2>\n

In an X post, crypto analyst Ali Martinez<\/a> remarked that the Bitcoin price needs to avoid dipping below $92,730, as if that level breaks, it will be in free-fall territory. The analyst\u2019s accompanying chart showed that Bitcoin could drop to the $70,000 range if it breaks this $92,730 price level.\u00a0<\/p>\n

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However, in another X post, Martinez suggested that such a Bitcoin price drop might not necessarily be bad. This came as he stated that a 20% to 30% price correction<\/a> is the most bullish thing that could happen to Bitcoin. Meanwhile, Martinez stated that the invalidation levels for his bearish Bitcoin outlook are a sustained close above $97,300 and a daily close above $100,000.\u00a0<\/p>\n

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At the time of writing, the Bitcoin price is trading at around $94,400, down almost 2% in the last 24 hours, according to data<\/a> from CoinMarketCap.\u00a0<\/p>\n

Featured image from Reuters, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price looks set to enjoy a bullish reversal in January next year, having maintained a tepid price action to close out this year. This bullish outlook for the flagship crypto came as crypto analyst Tony Severino revealed a potential Doji formation, which suggested that BTC could enjoy this uptrend in the new year.…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[119],"tags":[56,249,69,61,70,42,95],"class_list":["post-2229","post","type-post","status-publish","format-standard","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-price","tag-btc","tag-btcusd","tag-crypto-analyst","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/2229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=2229"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/2229\/revisions"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=2229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=2229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=2229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}