Bitcoin could surge to $120,000 in January, thanks to a surge in Binance’s stablecoin reserves, which recently hit a record-breaking $45 billion. As of December 31, stablecoin reserves on Binance came close to the all-time high of $45.8 billion, signaling growing investor appetite for crypto, according to Cointelegraph.
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Binance Reserves Drive Bullish Sentiment
Analysts, including Ryan Lee of Biget Research, believe Bitcoin’s rally is set to be fueled by the massive stablecoin reserves ready for deployment. Lee also notes that the “January effect,” driven by renewed optimism and investments, could push Bitcoin past the $120,000 mark in the coming weeks.
Bitcoin Faces Tough Resistance Levels
However, Bitcoin faces tough resistance levels at $95,000 and $96,400. A move beyond these could trigger liquidations of short positions, propelling BTC further upward. If Bitcoin can break through these barriers, it could potentially lead to a local peak above $120,000.
At the time of writing, Bitcoin is sitting at $94,445.36.
