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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 based his bullish projection on Bitcoin Daily Bollinger Bands (BB)highlighting that these indicators are expanding while BTC displays similar price action seen in 2023.
BTC Price Targets $120,000 ATH
On December 12, Severino common a chart demonstrating technical analysis of Bitcoin using Bollinger Bands and a historical correlation of price behavior from the end of 2023. The analyst predicted that if history repeats itself, the Bitcoin Price Could Hit All-Time High of $120,000 by next week.
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Severino revealed that Bitcoin’s daily Bollinger bands are expanding, while the current price action reflects a similar uptrend seen in 2023. Looking at the analyst’s price chart for 2024, the upper Bollinger bands and lower of Bitcoin are represented by a respective red and green trend line.
Typically, an expanding Bollinger Band indicates increasing price volatility. Bitcoin could begin an uptrend if it rises above the upper band or enter a bearish phase if it falls 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, the analyst placed the base of Bitcoin’s Bollinger Band at $97,442.
Severino observed that the Bitcoin Price Chart On the right, a historical example occurred in late 2023, when BTC broke above the upper Bollinger band and followed with a substantial price rise as it moved higher through the bands. This historical trend is currently repeating itself in the Bitcoin price pattern for 2024, indicating upside potential. significant upward price movement if similar conditions observed in 2023 are met.
If Bitcoin price closes above the upper Bollinger band with a buy signal, it could trigger a rally towards $120,000. Currently trading at $100,219, Bitcoin is expected to rise 20% to reach the analyst’s projected target by next week.
Analyst Confirms Bitcoin Bollinger Band Bullish Signal
Also commenting on the recent price action of Bitcoin, Trader Tardigrade, an analyst on X, revealed that BTC’s Bollinger Bands and Bollinger Bandwidth (BBW) signal the potential for a strong continuation of the upward trend. Sharing a price chart, the analyst noted that Bitcoin had previously dipped to the middle of the band but quickly recovered, highlighting the favorable nature of the middle band.
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Trader Tardigrade revealed that Bitcoin’s BBW saw a smaller contraction, while its recent price movements resemble those of early November, just before its price climbed from $70,000 to $100,000. If Bitcoin price maintains its current uptrend, the analyst predicts a rise that could lead the cryptocurrency to a new all-time high at $136,000. This substantial price increase would represent a massive 36% increase over the current price of Bitcoin.
Featured image created with Dall.E, chart from Tradingview.com
