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According to Tony Severino, a crypto analyst at X (formerly Twitter), the price of Bitcoin could rise significantly to $120,000 by next week. The analyst gave a bullish outlook on Bitcoin's daily Bollinger Bands (BB), highlighting that these indicators are expanding while BTC exhibits a price movement similar to that observed in 2023. .
BTC price target is 120,000 ATH
On December 12, Severino shared a chart showing technical analysis of Bitcoin using Bollinger Bands and the historical correlation of price trends in the second half of 2023. The analyst predicted that if history repeats itself, Bitcoin prices could reach an all-time high of $120,000 by next week.
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Source:X
Severino revealed that while Bitcoin’s daily Bollinger Bands are widening, the current price action reflects a similar bullish trend observed in 2023. Looking at the analyst price chart for 2024, the upper and lower Bollinger Bands for Bitcoin are represented by red and green trend lines, respectively.
Widening Bollinger Bands usually indicates increased price volatility. Bitcoin could start a bullish trend if it breaks above the upper band, and could enter a bearish phase if it breaks below the lower band. Bitcoin also tested the lower Bollinger Band at $92,560 and is now steadily approaching the upper band at $102,323. Additionally, analysts have set the baseline for Bitcoin's Bollinger Bands at $97,442.
Severino observed that the Bitcoin price chart on the right shows a historical example from late 2023, when BTC broke out above the top of the Bollinger Bands and then continued to see a significant price increase while moving up through the bands. did. This historical trend is now being replicated in Bitcoin's 2024 pricing, which could lead to a significant price increase if conditions similar to those seen in 2023 are met. is shown.
If Bitcoin price closes above the top of the Bollinger Bands with a buy signal, it could trigger a rally towards $120,000. Bitcoin, currently trading at $100,219, needs to rise 20% by next week to reach analysts' expected targets.
Analysts confirm bullish signal on Bitcoin Bollinger Bands
Additionally, X analyst Trader Tardigrade commented on Bitcoin's recent price movements, stating that BTC's Bollinger Bands and Bollinger Band Width (BBW) indicate that the strong uptrend could continue. It was revealed that While sharing the price chart, the analyst highlighted the supportive nature of the mid-band, noting that Bitcoin had previously fallen to the middle of the band but quickly recovered.
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Source:X
Trader Tardigrade revealed that Bitcoin's BBW has reached a lower bound, but its recent price movements are similar to those in early November, just before the price spiked from $70,000 to $100,000. There is. Analysts predict that if Bitcoin price maintains its current bullish trend, Bitcoin could reach an all-time high of $136,000. This significant price increase represents a significant 36% increase from Bitcoin's current price.
BTC price struggles at $100,000 | Source: BTCUSD on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
