Bitcoin crossed $108,000 to set a new all-time high of $109,053 on January 20th, a few hours before Donald Trump’s inauguration. The primary catalyst of the rally is growing expectations that the incoming President will sign an executive order that will see the United States government adopt a Bitcoin reserve.
If that’s the case, the American Treasury will be required to purchase 200,000 BTC annually in the next five years. This could result in a supply shortage, prompting Bitcoin’s price to skyrocket.
Further, analysts are optimistic that many countries will establish Bitcoin reserves if Trump’s administration adopts one. As such, popular trader on X, Alex Becker, says Bitcoin could reach $250,000 this cycle. Similarly, crypto researcher Will Clement has predicted a BTC rally to $1 million if more governments embrace the coin.
While analysts believe Bitcoin will succeed in the long run, some have expressed pessimism in the short term, with those at Stockmoney Lizards claiming that the asset could plummet to $90,000 before the month ends.
So, what’s the next price target for Bitcoin after recording a new all-time high? Let’s look at the charts to find out.
Bitcoin Price Analysis
BTC touched $109,053 on Monday morning but has reversed to $108,138 as of this writing. If it trades above the $102,843 resistance level for an extended period, it will be safe to assume that the correction phase has ended. As such, we expect Bitcoin to cross $109,053 and head toward $115,000 and subsequently to $126,300.
On the contrary, a drop below $102.843 could cause BTC to hit the 20-day Exponential Moving Average of $98,211. While this level could attract buying, if the buyers fail to exert enough pressure, then Bitcoin could plunge to $90,119.
Ethereum Price Analysis
Reports that Trump’s decentralized finance project World Liberty Financial has been accumulating ETH in the past two days have helped the coin rally above $3,400. However, intense selling near the 50-day Simple Moving Average of $3,507 has blocked the bulls from extending the rally.
But if Ethereum keeps trading above the 20-day Exponential Moving Average of $3,373, a surge to $3,507 and then to $4,090.12 would seem possible. Conversely, the token could sink to $3,168 or even $2,854.05 if the bulls fail to begin recovery at $3,250.
XRP Price Analysis
XRP’s value has grown 39.3% in the past seven days thanks to the rising optimism that the US Securities and Exchange Commission could approve XRP ETFs following Gary Gensler’s departure last Friday.
The coin came close to its all-time high ($3.40) on Wednesday but has retraced to $3.30 at press time, indicating that the bears are looking to defend that major level. However, if $3.40 gives way, XRP may attempt to move toward $4 and later to $4.80. On the other hand, a drop below the $2.92 resistance would mean that the bulls have failed to turn the level into solid support. In that scenario, XRP could fall to the 20-day Exponential Moving Average of $2.58.
Solana Price Analysis
SOL set a new all-time high of $2.89 on Sunday after rallying 46.4%. The latest surge came after Donald Trump announced the launch of his meme coin ‘Official TRUMP,’ on the blockchain. However, Solana has reversed to $256 as of this writing, suggesting that short-term traders are booking profits. If it continues to fall, the 50-day Simple Moving Average of $208.79 will become vital to watch. A drop to $180.35 is possible if $208.79 is not guarded.
On the bullish side, a rally to $300 and later to $310 is likely if Solana crosses and stays above $289.
Chainlink Price Analysis
LINK has been among the top performers in the past seven days, rallying 42.7% to $26 at press time. The bulls are now targeting $31 after clearing the hurdle at the 50-day Simple Moving Average of $23.14. On the contrary, a move to $20 could occur if $23.14 gets violated.
