According to the latest report from 10x Research, Bitcoin's price could rally by 15% in the coming weeks and hit $122,000 in February before entering a consolidation phase. The report, authored by Markus Thielen, Head of Research at 10x Research, was released in the Jan. 21 market insight.
Thielen noted that Bitcoin “successfully retested its wedge breakout,” offering a “low-risk, high-reward entry opportunity” for traders. He highlighted a notable price pattern: since the approval of spot Bitcoin ETFs in the U.S. last year, Bitcoin has been climbing in $16,000 to $18,000 increments. If the trend continues, Bitcoin could reach $122,000 by February and potentially trade even higher before retesting that level as support.
Critical Breakout Level
The report emphasizes that breaking past $106,000 is a critical signal for the continuation of this bullish pattern. As long as Bitcoin maintains these breakout levels, the upward trajectory remains intact. Currently trading between $104,000 and $106,000, traders and investors are closely watching to see how strong the next breakout will be and whether it respects the $16,000 to $18,000 increment levels identified in the 10x Research report.
Thielen pointed out that this stepwise rally indicates a healthy market structure with sustained institutional inflows. The approval of spot Bitcoin ETFs has injected new liquidity, allowing prices to stabilize at higher levels after each breakout. If Bitcoin successfully breaks above $106,000 and holds, the next target is $122,000, consistent with the previous incremental moves of roughly $16,000 to $18,000.
Market Sentiment and Risks
Despite the optimistic outlook, Thielen cautioned investors to watch for short-term pullbacks. Bitcoin may experience volatility after breaking key resistance, especially as it approaches $122,000, where profit-taking could intensify. However, he reiterated that as long as Bitcoin remains above $100,000, the overall trend remains bullish.
At press time, Bitcoin was trading at $105,200, up approximately 2.3% in the last 24 hours. The market is closely monitoring the next price action; if Bitcoin can firmly establish above $106,000 in the coming days, the $122,000 target for February becomes increasingly plausible.