Bitcoin price looks set to see a bullish reversal in January next year after maintaining its lukewarm price action to close this year. This bullish outlook for the flagship cryptocurrency has emerged as a cryptocurrency analyst Tony Severino revealed a potential Doji formation, which suggested that BTC could enjoy an uptrend in the recent year.

The Doji formation may lead to a Novel Year’s enhance in Bitcoin prices

In post X, Severino suggested that the Doji formation could lead to an enhance in Bitcoin prices in the first two months of the recent year. The analyst mentioned that he suspects BTC will end December with Doji and then January will show robust continuation for the flagship cryptocurrency. The attached chart showed that this robust continuation may extend into February.

A cryptocurrency analyst explained that a Doji signifies a pause in the market due to the indecision of buyers and sellers. He added that the candle below shows market participants the decision made by the market through a robust continuation or reversal. In this case, Severino expects the next candle to show a robust continuation for the price of Bitcoin.

Severino noted that a similar Doji with similar subwaves resulted in another two months of growth before a local peak was interested in the price of Bitcoin. Therefore, the cryptocurrency could enjoy two months of gains between January and February 2025 if history repeats itself. From a fundamental point of view, Donald Trump’s inauguration is one of the factors that could trigger such a robust continuation.

The price of BTC rose above $100,000 after Trump’s victory in the November US presidential election. As such, the flagship cryptocurrency may continue this rally as Trump becomes the first pro-crypto US president. Moreover, the American president-elect may create the so-called Bitcoin Strategic Reserve when he takes office, which will give BTC greater momentum.

BTC needs to stay above $92,730

In the post: X, cryptocurrency analyst Ali Martinez he noted that Bitcoin’s price must avoid falling below $92,730 as if this level were broken, it would be in a free fall area. The attached analyst chart showed that Bitcoin could fall to the $70,000 range if it breaks above this $92,730 price level.

However, in another post on X, Martinez suggested that such a decline in Bitcoin’s price is not necessarily a bad thing. This came after he stated that 20–30% price correction this is the most bullish thing that can happen to Bitcoin. Meanwhile, Martinez stated that the invalidation levels for his bearish outlook for Bitcoin are a sustained close above $97,300 and a daily close above $100,000.

At the time of writing, Bitcoin is trading at around $94,400, down almost 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Reuters, chart from TradingView