According to Tony Severino, a crypto analyst on X (formerly Twitter), the price of Bitcoin could rise significantly to $120,000 by next week. The analyst has established his bullish projection Bitcoin Daily Bollinger Bands (BB)highlights that these indicators are expanding as BTC exhibits similar price action seen in 2023.
BTC price is targeting $120,000 AGAIN
On December 12, Severino divided chart showing technical analysis of Bitcoin using the Bollinger Bands and historical correlation of price behavior at the end of 2023. The analyst predicted that if history repeats itself, the The price of Bitcoin could reach an all-time high of $120,000 by next week.
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Severino revealed that Bitcoin's daily Bollinger Band is widening, while its current price action shows a bullish trend similar to that seen in 2023. Looking at the analyst's 2024 price chart, Bitcoin's upper and lower Bollinger Bands represented by a red and green trend line respectively.
Usually, an expanding Bollinger band appears increasing price volatility. Bitcoin could start a bullish trend if it breaks above the upper band or enter a bearish phase if it falls below the lower band. Bitcoin has also tested the lower Bollinger band at $92,560 and is now approaching the upper band at $102,323. Additionally, the analyst has placed Bitcoin's Bollinger Band base at $97,442.
Severino noticed that the Bitcoin stock price history on the right shows a historical example at the end of 2023 when BTC broke above the upper Bollinger band and continued with a large price rally as it crossed the higher bands. This historical trend is currently being repeated in the Bitcoin price scenario for 2024, indicating the potential for a big price move up if similar conditions seen in 2023 are achieved.
If the Bitcoin price closes above the upper Bollinger Band with a buy signal, it could rally towards $120,000. Currently trading at $100,219, Bitcoin would need a 20% increase to reach the analyst's projected target by next week.
Analyst Confirms Bullish Band Bollinger Bitcoin Signal
Also commenting on recent Bitcoin price action, Trader Tardigrade, an analyst on X, show up that Bollinger Band BTC and Bollinger Band Width (BBW) indicate potential for a continuation of a strong uptrend. Sharing a price chart, the analyst noted that Bitcoin previously fell to the middle of the band but recovered quickly, emphasizing the supportive nature of the middle band.
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Trader Tardigrade has revealed that BBW Bitcoin has declined lower, while recent price movements like those in early November, just before its price rose from $70,000 to $100,000. If the price of Bitcoin maintains the current bullish trend, the analyst predicts a rise that could move the digital currency to a new all-time high at $136,000. This huge price increase would represent a massive 36% rally from Bitcoin's current price.
Featured image created by Dall.E, chart from Tradingview.com
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