Bitcoin’s 10% ‘God Candle’ Hints at Next $130K – Analyst

Bitcoin (BTC) hit a flash volatility in early European trading on January 10, hitting a high of $109,356 on Bitstamp.

The price of BTC reached a low of less than $100,000 on January 19, rising by 9.6% to trade above $109,000 for the first time.

Data from Cointelegraph Markets Pro and TradingView shows BTC trading at around $108,000, up 3.3% in 24 hours.

Table of Contents

Toggle

Bitcoin triggers OI increases with “god candle”.

Data from Cointelegraph Markets Pro and TradingView confirmed that BTC/USD hit a 60-minute high after “teleporting” above $7,200.

Bitcoin was telegraphed from $103,000 to $108,000.

Like wild pic.twitter.com/mLrmdGheMw

— Stephan Livera (@stephanlivera) January 20, 2025

This happened just hours before US President-elect Donald Trump was inaugurated and returned to office for his second term.

On the weekend, this caused a wild ride in the crypto industry when he launched his own memecoin Official TRUMP ($ TRUMP), which in just two days achieved a market capitalization of about 20 billion dollars and ranked among the top 15 on January 15. 19.

This sent shockwaves through the crypto market, causing TRUMP and other cryptocurrencies to crash when his wife Melania Trump launched her own memecoin.

BTC, however, has made an “amazing comeback” and is “flirting with all-time highs again after a rollercoaster week that showcased the cryptocurrency's trademark volatility,” said Ferozewala, a crypto analyst.

The rally reversed an earlier cut of more than $3 billion in private interest. As the price of BTC recovered, data from tracking resource CoinGlass showed an increase to $4.74 billion.

The reversal in BTC's price action also triggered a lot of liquidity in the crypto market, with more than $52 million worth of short BTC positions being liquidated in less than an hour.

RELATED: BTC Price Nears $110K After Trump Bitcoin Reserve Probability Raises To 60%

Bitcoin price may head above $130k.

While many expect Trump's inauguration to propel Bitcoin to new all-time highs, trader and analyst Jelle is optimistic that it may be time to reach the “mid $130Ks.”

“Bitcoin broke out of the descending triangle, retested it — and went straight to a new all-time high,” the analyst wrote in a Jan. 20 post on X.

Jelle is referring to a triangle that has been in the works since mid-November. The price broke above the triangle resistance line on January 17, indicating the beginning of a bullish move to the upside.

The target for this move is in the mid-$130k range.

For another analyst, Diane CryptoTrades, Bitcoin's rise to a new record after quickly closing a “small CME gap” that opened earlier is a “good start” to an exciting week.

$BTC opened today with a small CME gap but closed that straight and went straight to new all-time highs.

A very pleasant start to the week. pic.twitter.com/89HuFW83WD

— Old Crypto Trading (@OldCrypto)

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.