A new Bitcoin growth wave could be on the horizon, a Russian analyst has claimed. But while this could see BTC prices swell to $120,000, a “correction” could also see Bitcoin dip back to the $80,000 mark.
Per the Russian-language news outlet Business Gazeta, the claims came from Nikolai Dudchenko, an analyst at the financial and media group Finam.
Bitcoin Growth Wave Incoming?
Dudchenko said there was “still a possibility that the price of Bitcoin will rise again” in the near future.
The expert was speaking in the wake of a four-week period that has seen Bitcoin drop from prices over the $108,00 mark down toward the $90,000 threshold.
Bitcoin prices over the past 12 months. (Source: CoinGecko)
The token is trading for just over $99,000 at the time of writing. The coin briefly rose to the $102,000 mark on January 9.
“On the matter of further [Bitcoin] price dynamics, we believe that the probability of another wave of growth remains. The only question is this: Will the wave be sparked by a deeper correction in BTC/USD, or will it begin in the very near future?”
Nikolai Dudchenko, analyst at Russian financial/media group Finam
The Trump Factor
Dudchenko added that if a “correction” does take place, this could see the price of Bitcoin drop to $80,000.
But should the price instead rise again in the short term, the expert said that the “nearest target for possible growth” was the $120,000 mark.
Dudchenko suggested that a range of factors could affect Bitcoin prices’ imminent “sharp” growth or fall.
Chief among these, however, will be the imminent inauguration of US President-elect Donald Trump on January 20, he said.
A Sensitive Market?
The expert hinted that the markets appear extremely sensitive to “statements” on crypto policy and regulation coming from Washington and the Trump team at Mar-o-Lago.
Dudchenko said that Bitcoin is currently “consolidating in the range of $90,000 to $100,000.”
However, he warned that “volatility” was likely during Trump’s inauguration period, with the market braced for developments.
Source: Dune/@21co
Dudchenko said that market watchers would be wise to recall that “the reason for the fall in the price of Bitcoin at the end of December 2024” was a speech from the head of the US Federal Reserve System Jerome Powell.
Powell argued against the creation of a national Bitcoin reserve. However, on January 16, the New York Post said that Trump was “receptive” to the idea of building strategic reserves.
Unnamed sources told the media outlet that the president-elect was considering building a reverse basket of Bitcoin and altcoins such as XRP and Solana.
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