PANews reported on January 22 that according to Cointelegraph, Markus Thielen, head of research at 10x Research, said that Bitcoin could rise 15% from its current price in a few days, but it may then enter a consolidation phase. Thielen said in a market report on January 21 that Bitcoin "successfully retested its wedge breakout" after rebounding from $98,937 to over $107,000. Thielen said that Bitcoin's price chart breakout signal indicated a potential "low-risk, high-reward entry opportunity."

Thielen said that since the U.S. approved a Bitcoin spot ETF a year ago, Bitcoin has shown a pattern of "rising in increments of $16,000 to $18,000," which suggests that Bitcoin could reach $122,000 in February before "entering another consolidation phase." Thielen added that the potential gains may not stop there, and that "if this pattern continues, Bitcoin could not only reach $122,000, but could even trade above this level before retesting it as support."