According to Tony Severino, a crypto analyst on X (previously Twitter), the Bitcoin value may surge considerably to $120,000 by subsequent week. The analyst has grounded his bullish projection on Bitcoin’s daily Bollinger Bands (BB), highlighting that these indicators are increasing whereas BTC shows an identical value motion noticed in 2023.
BTC Price Targets $120,000 ATH
On December 12, Severino shared a chart demonstrating a technical evaluation of Bitcoin utilizing the Bollinger Bands and a historic correlation of late 2023 value conduct. The analyst predicted that if historical past repeats itself, the Bitcoin price could reach a $120,000 all-time high by subsequent week.
Related Reading
Severino disclosed that Bitcoin’s day by day Bollinger Bands are increasing, whereas its present value motion displays an identical bullish development noticed in 2023. Looking on the analyst’s 2024 value chart, Bitcoin’s higher and decrease Bollinger Bands are represented by a respective crimson and inexperienced development line.
Typically, an increasing Bollinger Band signifies increasing price volatility. Bitcoin may begin a bullish development if it breaks above the higher band or enter a bearish section if it drops beneath the decrease band. Bitcoin has additionally examined the decrease Bollinger Band at $92,560 and is now steadily approaching the higher band at $102,323. Additionally, the analyst has positioned Bitcoin’s Bollinger Band foundation at $97,442.
Severino noticed that the Bitcoin price chart on the suitable reveals a historic occasion in late 2023 when BTC broke above the higher Bollinger band and adopted with a considerable value rally because it walked the bands increased. This historic development is presently being replicated in Bitcoin’s 2024 value setup, indicating a possible for a significant upward price movement if related circumstances seen in 2023 are met.
If Bitcoin’s value closes above the higher Bollinger Band with a purchase sign, it may spark a rally towards $120,000. Currently buying and selling at $100,219, Bitcoin would want to extend by 20% to achieve the analyst’s projected goal by subsequent week.
Analyst Confirms Bitcoin Bollinger Band Bullish Signal
Also commenting on Bitcoin’s latest value motion, Trader Tardigrade, an analyst on X, revealed that BTC’s Bollinger Bands and Bollinger Band Width (BBW) are signaling the potential for a strong uptrend continuation. Sharing a value chart, the analyst famous that Bitcoin beforehand dipped to the center of the band however shortly recovered, underscoring the supportive nature of the mid-band.
Related Reading
Trader Tardigrade has revealed that Bitcoin’s BBW has hit a decrease contraction, whereas its recent price movements resemble these of early November, simply earlier than its value skyrocketed from $70,000 to $100,000. If Bitcoin’s value maintains its present bullish development, the analyst predicts a surge that would drive the cryptocurrency to a brand new all-time excessive at $136,000. This substantial value improve would signify an enormous 36% rally from Bitcoin’s present value.
Featured picture created with Dall.E, chart from Tradingview.com
