Price discovery is just beginning, analysts say as Bitcoin claims $102,000

Bitcoin “has just started its price discovery phase,” crypto analyst “Daan Crypto Trades” told his 390,000 followers on X on January 7.

Price discovery occurs when an asset enters new territory and makes consecutive new all-time highs. At the time of writing, BTC was just 6% off its December 17 peak price of $108,135, according to CoinGecko.

It has gained more than 10% in a week and has once again breached the $100,000 level during late trading on January 6.

BTC hit an intraday high of $102,500 during early trading in Asia on Tuesday before retreating slightly.

Biggest year of the cycle

“We are now in the first full week of the year after the half, which is historically the most bullish year of the cycle,” the analyst added.

$BTC It has just begun its price discovery phase.

We are now in the first full week of the post-half year, which is historically the most bullish year of the cycle.

Exciting times. pic.twitter.com/1s10e5JS54

— Daan Crypto Trades (@DaanCrypto) January 6, 2025

CryptoQuant founder Ki Young Ju was also bullish, commenting on this bull market to X on January 7th.

“This Bitcoin bull cycle could turn out to be the longest ever. New sources of liquidity are constantly feeding the market and expect more.”

However, some analysts at the firm disagreed, predicting that the bull market could end in the first half of this year.

ITC founder Benjamin Cowen observed that Bitcoin should recover a short-term trend line, which could put its price at $120,000 on the day of Donald Trump’s inauguration on January 20.

yes #BTC can re-label this short-term trend line, it would correspond to $120,000 before the opening (Jan 20) pic.twitter.com/vjKQzXd57m

— Benjamin Cowen (@intocryptoverse) January 6, 2025

Meanwhile, fellow analyst ‘Rekt Capital’ noted that Bitcoin’s bullish daily candle above $101,165 is a breakout of its daily range.

He also said that 2025 will be the peak year of the bull market, 2026 will be the year of the bear market, and “2027 will be the year that bottoms out to precede a whole new future bull market.”

Even Bitcoin educator and investor Tone Vays said the market is coming back to current levels after selling off in November.

“Now that the year is over, I’m now back along Bitcoin as of this afternoon at around 100k!”

Elsewhere on Crypto Markets

The crypto market capitalization is marginally up at $3.74 trillion at the time of writing, largely due to Bitcoin’s 2.7% daily gain into six-figure territory.

Ethereum has not reflected the momentum with a small spike above $3,700, only to fall again on Tuesday morning.

Altcoins were mostly flat, with minor gains for Tron (TRX), Avalanche (AVAX), and Hyperliquid (HYPE).

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