After an unexpected bearish plot twist in the past week, the Bitcoin price action has been pretty quiet over the weekend, with BTC barely holding above the $94,000 level. The premier cryptocurrency briefly slipped beneath this price mark on Saturday, January 11, before traveling to as high as $94,870.

Interestingly, a top analyst on the social media platform X has put forward an interesting analysis of the Bitcoin price, suggesting that the market leader might be at a pivotal juncture. Could a bullish breakout be on the cards for the price of BTC or is a deep correction the more likely scenario?

Bitcoin’s Performance In The Next Few Weeks

In a recent post on X, popular crypto analyst Ali Martinez weighed in on the trajectory of the Bitcoin price over the next few weeks. According to the market pundit, the flagship cryptocurrency is currently set up such that it could see a move higher to $140,000 or a pullback to around $67,000.

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These projections are based on the formation of two patterns, namely the head-and-shoulders and the bull pennant, on the BTC 12-hour price chart. The pennant pattern is marked by a price upswing (the flagpole) followed by a consolidation range with converging trend lines (the pennant), while the head-and-shoulders formation (as the name suggests) is characterized by three distinct price highs, including a higher “head” between two lower “shoulders.”

The pennant chart formation often serves as a bullish continuation pattern, suggesting the persistence of an upward price trend. The head-and-shoulders pattern, on the other hand, typically indicates a potential bearish reversal, signaling a shift from an uptrend to a downtrend.

As seen in the chart above, the Bitcoin price is yet to break beneath the neckline of the head-and-shoulders pattern, which often serves as confirmation for the trend reversal. If the premier cryptocurrency breaks the neckline situated at around $93,000, its price could plunge to as low as $67,000.

However, Martinez pointed out that the next target could be higher if the Bitcoin price holds above the neckline and breaks out of the bull pennant pattern. If this occurs, a bullish surge to around $140,000 could be on the cards for the price of the market leader. This would represent an almost 50% rally from the current price point.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $94,600, reflecting no significant change in the past 24 hours. According to CoinGecko data, the premier cryptocurrency is down by nearly 4% in the last seven days.

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.Featured image from iStock, chart from TradingView

A closely followed crypto analyst says that smart contract platform Solana (SOL) is potentially forming a bullish technical pattern that could see it surge by over 1,700%.

In a new strategy session, crypto trader Ali Martinez tells his 108,000 followers on the social media platform X that it’s possible the Ethereum (ETH) rival is forming a cup-and-handle pattern that could push it to astronomical levels.

“There’s a chance SOL is forming a cup-and-handle pattern, and it will reach $4,000!”

A cup and handle is typically observed when the price movement of an asset forms a “cup” pattern before printing a smaller “handle” structure which suggests consolidation prior to a potential breakout.

Solana is trading for $215 at time of writing, a 1.3% decrease during the last 24 hours. If Solana were to reach Martinez’s target price, it would represent a staggering 1,760% increase.

Moving on to the flagship digital asset Bitcoin (BTC), Martinez notes that Coinbase’s Premium Index – which tracks the price premium for BTC on Coinbase and therefore its demand in the US by proxy – suggests that institutional demand for the top crypto asset by market cap is ramping up in America.

“The Coinbase Premium Index recently hit -0.23%, a two-year low, but it’s now rebounding quickly. This signals growing institutional demand for BTC from US-based investors!”

Bitcoin is trading for $98,137 at time of writing, a marginal decrease on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.