Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
A new wave of Bitcoin development may be approaching, according to a Russian analyst. While this could potentially drive BTC prices up to $120,000, a “correction” might also lead Bitcoin to fall back to the $80,000 level.
As reported by the Russian-language news source Enterprise Gazeta, these assertions were made by Nikolai Dudchenko, an analyst with the financial and media group Finam.
Is a Bitcoin Development Wave Coming?
Dudchenko stated that there is “still a possibility that the price of Bitcoin will increase again” in the near term.
The analyst’s comments followed a four-week period during which Bitcoin declined from prices exceeding the $108,000 mark down toward the $90,000 threshold.
Bitcoin prices over the past 12 months. (Source: CoinGecko)
The cryptocurrency is currently trading at just above $99,000. The coin briefly reached the $102,000 level on January 9.
“Regarding further [Bitcoin] price dynamics, we believe that the likelihood of another growth wave remains. The only question is this: Will the wave be triggered by a deeper correction in BTC/USD, or will it commence in the very near future?”
Nikolai Dudchenko, analyst at Russian financial/media group Finam
Cryptocurrency exchange BitMEX has been penalized $100 million for breaching the federal Bank Secrecy Act by inadequately monitoring money laundering, according to the DOJ https://t.co/9hUmB2w2TD pic.twitter.com/nwZpcLD9gD
— Reuters Legal (@ReutersLegal) January 15, 2025
The Trump Factor
Dudchenko noted that if a “correction” occurs, it could result in Bitcoin’s price dropping to $80,000.
Conversely, if the price rises again in the short term, the analyst indicated that the “nearest target for potential growth” would be the $120,000 mark.
Related Posts
Dudchenko suggested that various factors could influence Bitcoin prices’ imminent “sharp” rise or decline.
Foremost among these would be the upcoming inauguration of US President-elect Donald Trump on January 20, he stated.
Russia claimed it damaged ground infrastructure of one of the largest natural gas storage sites in Ukraine’s Lviv region during a series of attacks on the country’s energy sector https://t.co/fasi3Elxps
— Bloomberg (@business) January 16, 2025
A Sensitive Market?
The analyst implied that the markets appear highly sensitive to “statements” regarding crypto policy and regulation emanating from Washington and the Trump team at Mar-a-Lago.
Dudchenko mentioned that Bitcoin is currently “consolidating within the range of $90,000 to $100,000.”
However, he cautioned that “volatility” is likely during Trump’s inauguration period, with the market prepared for developments.
Source: Dune/@21co
Dudchenko remarked that market observers should remember that “the reason for the decline in Bitcoin’s price at the end of December 2024” was a speech by the head of the US Federal Reserve System, Jerome Powell.
Powell opposed the establishment of a national Bitcoin reserve. However, on January 16, the New York Post reported that Trump was “receptive” to the idea of creating strategic reserves.
Crypto community ready for favorable conditions under Trump administration: 4-year ‘harassment’ is over https://t.co/A7TxwwlBzj #NYNext pic.twitter.com/3dWLC7pL6N
— New York Post (@nypost) January 16, 2025
Unnamed sources informed the media outlet that the president-elect was considering establishing a reverse basket of Bitcoin and altcoins such as XRP and Solana.
The post Another Wave of Bitcoin Growth ‘Still Possible’ – Russian Analyst appeared first on Cryptonews.
