Bitcoin News: Bitcoin Targets $103K with ‘Power of 3’ Setup Ahead of Trump’s Inauguration

Bitcoin's (BTC) recent price action has positioned the cryptocurrency for a potential breakout above $103,000 before President-elect Donald Trump’s inauguration on Jan. 20. Analysts attribute the bullish outlook to a classic "power of 3" pattern, comprising accumulation, manipulation, and distribution phases.Key Developments Driving Bitcoin’s SurgePrice Movement: Bitcoin (BTC) rebounded 11.50% from its Jan. 13 low of $88,900, forming a bullish engulfing candle and reclaiming critical resistance zones between $95,350 and $96,150.Technical Setup: The “power of 3” pattern suggests BTC is in the distribution phase, with liquidity zones identified near $103,000. This phase follows a brief manipulation phase, marked by a liquidity sweep on Jan. 13 that drove prices below $90,000.CPI Impact: Favorable inflation data, including a lower-than-expected core CPI of 3.5% and an unadjusted CPI of 2.9% for December, bolstered risk assets, helping BTC maintain its upward momentum.Bullish ProjectionsAlphaBTC, a Bitcoin analyst, highlighted $103K as a significant liquidity zone, which could signal a higher high on mid-timeframes. A successful breakout above this level might position BTC for further gains, with market optimism fueled by Trump’s anticipated pro-crypto policies.Risks and Market OutlookFailure to reclaim $103,000 could trigger a downside move toward $80,000, where additional liquidity resides. Despite this risk, many analysts, including crypto commentator Momin Saqib, remain optimistic about BTC reaching new all-time highs in the coming weeks, independent of macroeconomic data.With strong technical indicators and macroeconomic relief, Bitcoin’s journey toward $103,000 appears well-supported, setting the stage for an eventful week in the crypto market.