Analysts from the research company 10x Research forecast Bitcoin price breakout by the end of January 2025.
According to experts, the turning point will be the meeting of the Federal Open Market Committee of the US Federal Reserve System, scheduled for January 29. Before this event, traders will be cautious, so strong fluctuations in the market are not expected. However, if during the meeting officials report a decrease in the inflation rate in the US, the price of BTC will rise. Otherwise, it is worth preparing for a fall in the coin's rate.
The chart published by 10x Research shows that the price of Bitcoin is fluctuating within a contracting triangle that began to form in mid-December 2024. If the upper line of the figure is broken by the end of January, the price of BTC will increase to $102,712, and in the case of a downward breakout, the cryptocurrency rate is at risk of falling to $89,260.
Contracting Triangle on Bitcoin Price Chart
The optimal approach to trading would be to follow the direction of the breakout. There are factors that favor both upward and downward movement, but ultimately the market situation will determine the outcome.
Regardless of the direction of the price movement, it is necessary to manage risks. The current conditions are not as encouraging as in September [2024], so traders should open smaller positions and limit the use of leverage, - wrote the employees of 10x Research.
