Despite a decline today, Bitcoin 
$104,755 has recovered 50% of its losses before the FOMC meeting. As volatility typically increases at the end of the month, this downtrend may persist. However, the long-term outlook remains optimistic, with historical data indicating potential gains in February. We are examining whether Bitcoin can reach levels around $123,000.
Can Bitcoin Price Hit $123,000?
Since mid-November 2024, Bitcoin’s price has been moving sideways. During this period, BTC ($105,709.64) has attempted multiple breakouts but has not demonstrated sufficient strength. Consequently, the ongoing consolidation has led to several new highs in the last 78 days, with the latest peak recorded at $110,000 on January 20.
Four Conditions That Could Propel BTC to $123,000
For Bitcoin to break the $123,000 barrier or higher, four significant developments need to occur.
The price must surpass the resistance level of $105,500. This level has been a point of rejection for BTC, halting the rally after the FOMC meeting.
