Crypto analyst Tony Severino has provided some insight into current Bitcoin price action. He revealed that Bitcoin's upper hand has moved above $105,400 and hinted at where the major crypto company could be headed.
What's next for Bitcoin price as upper band moves above $105,400?
In the X postSeverino revealed that Bitcoin's upper band is now above $105,400. With this development, he referred to a previous analysis in which he revealed what could happen once the price breaks above $105,400. In the analysis, the crypto analyst mentioned that things could get interesting once BTC is breaking above $105,400.
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Then he predicted that Bitcoin could accumulate up to $170,000. The analyst made this prediction while revealing how BTC saw a 90% rise from the low of the lower band to the local high. This happened the last time the major crypto company got a false head to the lower band before moving to the upper band.
Based on this trend, Severino believes that the price of Bitcoin could register another 90% increase and collect as high as $170,000. This price target is important because it could mark the top for the major crypto brand. The crypto analyst mentioned the cycling roof for Bitcoin can be discussed once BTC reaches this target of $170,000.
However, market experts such as Standard Chartered have suggested that Bitcoin could rally beyond this $170,000 target. The financial institution expected that a rally to $200,000 it is possible to achieve it by the end of the year. Bernstein analysts also reported a rally to $200,000 by the end of the year as a conservative, meaning Bitcoin could rally higher.
This positive outlook for Bitcoin mainly comes from the fact that Donald Trump is going to take office on January 20. The pro-crypto US president is expected to implement a Strategic Bitcoin Reserve for the country, which will promote the adoption of the crypto capital.
BTC Not far away from a new all-time high
Crypto analyst Capital Recht has suggested that Bitcoin will reach an all-time high (ATH) soon. In X's post, he said that BTC is one daily struggle away from breaking out to a new ATH again. The crypto analyst said that a daily close above the last resistance and a retest after a break would be enough to launch the major crypto into price discovery.
Until then, Rekt Capital said that Bitcoin will go between $101,000 and $106,000. Crypto analyst Titan of Crypto offers a more optimistic outlook for the BTC, saying that the major crypto has started to rally. He said, as expected, the crypto has broken through resistance and is now poised for a strong rally.
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At the time of writing, Bitcoin was trading at around $103,509, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pexels, chart from TradingView
