Based on Tony Severino, a crypto analyst on X (previously Twitter), the Bitcoin worth 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 the same worth motion noticed in 2023.
BTC Worth 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 worth habits. The analyst predicted that if historical past repeats itself, the Bitcoin price could reach a $120,000 all-time high by subsequent week.
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Severino disclosed that Bitcoin’s each day Bollinger Bands are increasing, whereas its present worth motion displays the same bullish development noticed in 2023. Trying on the analyst’s 2024 worth chart, Bitcoin’s higher and decrease Bollinger Bands are represented by a respective crimson and inexperienced development line.
Usually, 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. Moreover, the analyst has positioned Bitcoin’s Bollinger Band foundation at $97,442.
Severino noticed that the Bitcoin price chart on the precise exhibits a historic occasion in late 2023 when BTC broke above the higher Bollinger band and adopted with a considerable worth rally because it walked the bands larger. This historic development is presently being replicated in Bitcoin’s 2024 worth setup, indicating a possible for a significant upward price movement if related circumstances seen in 2023 are met.
If Bitcoin’s worth closes above the higher Bollinger Band with a purchase sign, it may spark a rally towards $120,000. Presently buying and selling at $100,219, Bitcoin would wish to extend by 20% to succeed in the analyst’s projected goal by subsequent week.
Analyst Confirms Bitcoin Bollinger Band Bullish Sign
Additionally commenting on Bitcoin’s current worth motion, Dealer 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 worth 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.
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Dealer 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 worth skyrocketed from $70,000 to $100,000. If Bitcoin’s worth 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 worth enhance would characterize a large 36% rally from Bitcoin’s present worth.
Featured picture created with Dall.E, chart from Tradingview.com
