Analyst Pointed to the Next Target on the Horizon After the Rise in Bitcoin: “If This Is Exceeded, The Next Stop Could Be 128 Thousand Dollars”

Bitcoin (BTC)It climbed to $105,000 today, reaching a new high for 2025, as excitement builds for the inauguration of Donald Trump, who is expected to establish a more crypto-friendly US government.

The price increase represents a 5.2% increase over the past 24 hours and marks a sharp rebound from earlier in the week, when Bitcoin fell below $90,000 during a broad market sell-off.

The recovery, which saw BTC rise 17%, began as investor concerns eased following Wednesday’s US CPI inflation report. Speculation about Trump’s potential actions regarding cryptocurrency policy, such as loosening regulations and creating a Bitcoin strategic reserve, has further fueled the bullish trend as his inauguration approaches on January 20.

Bitcoin has successfully broken out of a multi-week downtrend by surpassing last week’s high of $102,000. Analysts are now eyeing key resistance levels.

Alex Thorn, Galaxy’s director of research, said on X (formerly Twitter), “$108,000 is now the near-term target resistance. “There are many reasons for the rise.” he said.

Similarly, John Glover, Chief Investment Officer of crypto lender Ledn, described Bitcoin’s technical setup as “very constructive” as we enter the final week of the Biden presidency.

“The only risk to a corrective action would be if Trump fails to act on plans to ease regulatory policies for digital assets or create BTC treasury holdings,” Glover said in a note to clients. It brought up recent headlines suggesting that Trump is determined to make crypto a priority in his first 100 days.

Using wave theory, Glover predicted that Bitcoin could reach $128,000 in the coming months, completing a larger 3rd wave in the uptrend. According to this theory, market trends occur in five waves, three of which are consistent with the main trend while two represent pullbacks.

Breaking above the record level of $108,000 is critical to sustaining the current bullish momentum. While Glover acknowledged that BTC is unlikely to revisit its recent lows of $90,000, he noted that this scenario is becoming increasingly less likely as momentum builds.

*This is not investment advice.