Bitcoin Price Prediction: Why BTC Could Soon Rally to $150k or Higher

Highlights:

• Bitcoin is gaining momentum after pushing off key support at $92,200
• The rally off support comes ahead of Trump’s inauguration
• Rally off the current support could see Bitcoin rally to $150k or higher

Bitcoin is in the green today, continuing the bullish momentum that started on Tuesday. Today, Bitcoin is up by 1% and, at the time of going to press, was trading at $96,891.61. However, trading volumes are down by 28.54% to stand at $52.74 billion.

This is an indicator that Bitcoin holders are not actively trading, potentially waiting for a major price rally soon. Such a scenario is expected, considering the Trump administration is taking office in only 4-days. With his policies expected to be highly pro-crypto, it is quite expected that the number of holders trading Bitcoin could be slowing down.

Trump Could Make a Cryptocurrency Executive Order

The potential for Donald Trump to make moves that could drastically change the price of Bitcoin is already evident in the news running on Mainstream Media. Yesterday, January 14, Forbes reported that the incoming Trump administration is looking to immediately repeal crypto regulations like SAB121. This is a big deal for the market, given that SAB121 requires that banks report cryptocurrency holdings as liabilities.

JUST IN: 🇺🇸 Donald Trump is expected to issue executive orders on the first day of his presidency regarding #Bitcoin and crypto — The Washington Post pic.twitter.com/6E8Y5ICB9d

— Bitcoin Magazine (@BitcoinMagazine) January 13, 2025

Current Cycle Mirrors the 2017 Bitcoin Price Trend

Bitcoin could also get a boost from data showing that the 2024/25 cycles look more like the crypto cycle of 2017. At that time, Bitcoin price rocketed from under $200 to $20,000. Many analysts believe that there is a strong correlation between the 2017 cycle and this one.

One analyst has noted that in 2017, Bitcoin rose strongly for 1068 days, something the current cycle appears to be mirroring closely. So far, the Bitcoin bull run has lasted 779 days, which means there is still lots of room for growth as the year progresses.

There is also a correlation between the two cycles in terms of price movements, with the level of correlation standing at 0.92. Analysts further note that the behavior of investors point to a repeat of 2017.

Data shows that Bitcoin’s Market Value To Realized Value (MVRV) ratio stands at 0.83, which is similar to 2017. This ratio means that despite the 2024 rally that saw Bitcoin price push through $100k, it is still undervalued. With a pro-crypto administration coming in the US and the launch of Bitcoin ETFs in 2024, chances are that the cycle will hold.

More Countries Considering Bitcoin ETFs

Interestingly, it is not just the US that is acting as a catalyst for Bitcoin’s growth. Globally, the momentum is picking up, especially amongst institutional investors. The latest news hitting the market is that Thailand is considering launching Bitcoin ETFs. This is geared towards helping the country maintain competitiveness as Bitcoin goes global. As more countries take a similar trend, Bitcoin demand will be set to rise, and that’s a big deal for its price over time.

Technical Analysis – Bitcoin Price Consolidating Ahead of Trump Inauguration

From the charts, Bitcoin is consolidating after being rejected earlier in the week at the $92,200 multi-week support level. With the momentum Bitcoin is building up intraday, the key level to watch will be the $106,345 resistance.

A rally through this resistance could pave the way for a rally to prices as high as $150k. This is considering that in less than a week, a pro-crypto administration is taking office. On the flipside, if trading volumes remain low in the short term, then a consolidation could remain in the short term.

Of the two scenarios described above, there is a good chance that Bitcoin could consolidate through the week and then rally after the Trump inauguration. The rally could happen if Trump makes an executive order on something as significant as cutting unnecessary cryptocurrency regulations.