Zinger Key Points
- February’s strong seasonality and Chinese New Year effects have historically resulted in Bitcoin price gains of 10–20%.
- Favorable CPI data and a dovish Federal Reserve tone provide macroeconomic tailwinds for Bitcoin and other risk assets.
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Bitcoin BTC/USD is exhibiting strong bullish momentum, with analysts projecting a potential upside target of $122,000, as macroeconomic conditions and technical indicators align favorably.
What Happened: According to the latest report by10x Research, the projected price target is based on established trading patterns and reinforced by easing inflation concerns, milder-than-expected tariffs and dovish commentary from the Federal Reserve.
Technical signals also support this upward trend.
Bitcoin recently retested its wedge breakout, suggesting a strong point for an upside push, with rising moving averages reinforcing this.
Analysts are also seeing a correlation between Bitcoin gains, and the Chinese new year, with the optimal entry point for gains in Bitcoin being 10 days prior to the event.
Historical data shows large monthly gains during the month of February for the apex crypto.
“We are entering the historically bullish Chinese New Year period, during which Bitcoin consistently rallies,” the report stated, confirming this as a key catalyst for the price movement in the coming months.
Gold, which has also rebounded from its lows, is mirroring Bitcoin’s recent ascent, and this is partly due to the perception that the Fed's interest rate hikes will have a diminishing impact on the market.
Also Read: SEC Launches Crypto Task Force To Establish Clear Regulatory Framework
Why It Matters: The stabilization of 10-year U.S. Treasury yields after a mid-January CPI report further contributes to a perception that inflationary pressures are subsiding.
Bitcoin’s trading pattern, since the launch of spot ETFs, has shown it trading in increments of $16,000 to $18,000.
With a base at $39,000, each rally has added roughly $16,000-$18,000 to the price, and with Bitcoin currently in the $90,000 to $106,000 range, another rally could push it to the predicted $122,000 level.
"Bitcoin has successfully retested its wedge breakout, providing a low-risk, high-reward entry opportunity. With the moving average trending upward again, the bullish momentum is expected to continue," the research further noted.
While not all factors and indicators are uniformly bullish, the strong upward momentum is expected to persist gradually.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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