Bitcoin “has only just started its price discovery phase,” crypto analyst ‘Daan Crypto Trades’ told his 390,000 followers on X on Jan. 7.
Price discovery occurs when an asset enters new territory and makes consecutive new all-time highs. At the time of writing, BTC was just 6% away from its Dec. 17 peak price of $108,135, according to CoinGecko.
It has gained more than 10% in a week and broke above the $100,000 level again during late trading on Jan. 6.
BTC hit an intraday high of $102,500 during early trading in Asia on Tuesday before falling back slightly.
Most Bullish Year of The Cycle
“We’re now in the first full week of the post-halving year, which is historically the most bullish year of the cycle,” the analyst added.
$BTC Has only just started its price discovery phase.
We’re now in the first full week of the post halving year, which is historically the most bullish year of the cycle.
Exciting times. pic.twitter.com/1s10e5JS54
— Daan Crypto Trades (@DaanCrypto) January 6, 2025
CryptoQuant founder Ki Young Ju was also bullish, commenting on this bull market on X on Jan. 7.
“This Bitcoin bull cycle might turn out to be the longest ever. New liquidity sources are steadily fueling the market, and more are waiting to be unlocked.”
However, some analysts at the firm didn’t agree, predicting that the bull market may end in the first half of this year.
ITC founder Benjamin Cowen observed that Bitcoin would need to reclaim a short-term trendline, which could put its price at $120,000 by the day of Donald Trump’s inauguration on Jan. 20.
If #BTC can tag this short-term trend line again, it would correspond to $120k by the inauguration (Jan 20th) pic.twitter.com/vjKQzXd57m
— Benjamin Cowen (@intocryptoverse) January 6, 2025
Meanwhile, fellow analyst ‘Rekt Capital’ observed that Bitcoin’s bullish daily candle above $101,165 is a breakout from its daily range.
He also said that 2025 will be the year of the bull market peak, 2026 will be the year of the bear market, and “2027 will be the bottoming out year to precede an entirely brand new future bull market.”
Even Bitcoin educator and investor Tone Vays said he was back in the market at current levels after selling in November.
“Now that the year is over, I am now back to fully long in Bitcoin as of this afternoon at a price of around 100k!”
Elsewhere on Crypto Markets
Crypto market capitalization is up marginally at $3.74 trillion at the time of writing, mostly due to Bitcoin’s 2.7% daily gain into six-figure territory again.
Ethereum hasn’t mirrored the momentum with a short spike above $3,700, only to fall back again on Tuesday morning.
The altcoins were mostly flat, with minor gains for Tron (TRX), Avalanche (AVAX), and Hyperliquid (HYPE).
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