🚀 Bitcoin's New All-Time High! More to Come? (22 Jan 2025)

💪 Bitcoin Holds Two Key Bullish Formations! Plus: Trump Pardon's Silk Road Founder, Mark Cuban Boards the Meme Coin Train & more!

Author

Jonathan Hamblin
January 22, 2025

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Welcome back to

BULL MARKET BYTES

Your byte of cryptocurrency insight where we continue to hold our breathe for Bitcoin’s rocket to the moon . . .

We may need to take a 5-minute break. 😂

Here is what we have for you today!

📊 CRYPTOCURRENCY ANALYSIS
📌 BULL MARKET BULLETIN

MARKET OVERVIEW (7-DAY)

BITCOIN TECHNICAL ANALYSIS

Cryptocurrency investors were left wanting more from the US presidential inauguration . . .

But at least we received a new Bitcoin all-time high . . . a whole $846.43 higher than the last . . . 🙄

Even though Bitcoin’s movement was underwhelming, and Trump didn’t mention cryptocurrency - we have to stay positive . . .

At least Trump made a bunch of money off another meme coin that he endorsed . . .

Well, I tried the positivity thing . . .

So, where do we go from here? Is this only the beginning of a possible moonshot for cryptocurrency?

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Thank you to Masterworks for sponsoring today’s newsletter - now let’s dive in!

For many months now, we have been showcasing what is essential for Bitcoin to continue towards new highs.

Just a couple of weeks ago, we had two bearish formations:

  1. Bear Flag Formation

  2. Descending Triangle

We broke both of those and created a bullish formation and indicator:

  1. Cup and Handle Formation

  2. Holding the Support Line

So why is charting important for projections? Well, let’s take a look below at the chart that was in our last newsletter (18 January 2025).

When we posted this, we highlighted the two essentials below for Bitcoin to continue upwards - and this is exactly what happened . . .

Now that we have broken upward through the 2 bearish formations - the bear flag and descending triangle - we must focus on 2 more things!

  1. Holding the Yellow Horizontal Line

  2. Continuing the Yellow Cup and Handle Formation

The yellow horizontal line is key because we need to establish support at 6 figures!

With the cup and handle formation, it gives us wiggle room for a pullback - but again - we don’t want to break the yellow horizontal line.

After reflecting on the last newsletter’s chart - that brings us to today’s chart!

Byte, if you could please show us what is behind door number 1!

The chart from our previous newsletter and this one show us Bitcoin’s weekly movement.

We see that Bitcoin in fact did continue the cup and handle formation and broke the all-time high!

On top of that, when it broke the all-time high - it pulled back and held at the yellow line that we marked . . .

🧠 Remember, this is what we said was essential to hold the six-figure area.

So, with our anticipation being on track for Bitcoin’s movement - what should we anticipate next?

Join us in the “What to Anticipate” section below for more!

🧠 Bullish Fact! Bitcoin has been in a sideways bullish movement for over 2 months! This consolidation could send Bitcoin parabolic!

WHAT TO ANTICIPATE

Even though Bitcoin didn’t turn the previous all-time high from resistance to support, it did one other thing . . .

It turned the key area of $100,000 from resistance to support!

Let’s not forget what we stated in our last newsletter . . .

Bitcoin’s Big “What If”: If Bitcoin bypasses the second portion of the cup and handle formation, we will see a new all-time high the week of the 20th of January . . .

It is amazing to see that this did occur!

Even though the all-time high may have been short-lived, this is also important to remember . . .

📅 The current cup and handle formation outlines that a massive break will occur by the week of the 24th of March!

Why do we say that it will be massive?

With the cup and handle formation, a pullback must occur which allows for higher established support.

With this higher support, the asset is projected to have a strong break of the previous resistance line!

Bitcoin’s “What If”? What if Bitcoin does not hold the bullish cup and handle formation?

Then it is imperative that we hold our second bullish indicator - the support line!

By default, breaking the cup and handle formation means that we break below $100,000 - which is not desired by any means . . .

If we break this key area, we can retrace to the low $90,000’s but must gain traction by the first week of February!

🧠 Don’t Forget! Bitcoin’s current sideways consolidation is everything that we could have hoped for!

BULL MARKET BULLETIN 📌

Mark Cuban Next to Board the Meme coin Train? Even though Cuban has received a lot of backlash in the past months - he continues to take the spotlight and is doing so again with his latest idea. He is now wanting to issue a meme coin that is designed to “make a dent in the US debt”. Do you believe this is a genuine idea or is he just out to make more money?

President Trump Pardons Silk Road Founder! Remember that website back in the day where people could purchase anything with Bitcoin? Silk Road was that marketplace, and it eventually led to the creator being sentenced to prison for life without the possibility of parole! That was until he received a presidential pardon!

US SEC Launches Task Force to Implement Crypto Regulations! During the United States’ previous administration, there were enforcement actions against many cryptocurrency firms such as Coinbase and Kraken . . . but this may be put to an end. With the newly appointed SEC chair - cryptocurrency may receive the support that it has been needing for the past 15+ years!

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