Based on Tony Severino, a crypto analyst on X (previously Twitter), the Bitcoin worth might surge considerably to $120,000 by subsequent week. The analyst has grounded his bullish projection on Bitcoin’s every day 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 conduct. The analyst predicted that if historical past repeats itself, the Bitcoin worth might attain a $120,000 all-time excessive by subsequent week.
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Severino disclosed that Bitcoin’s every day Bollinger Bands are increasing, whereas its present worth motion displays the same bullish development noticed in 2023. Wanting on the analyst’s 2024 worth chart, Bitcoin’s higher and decrease Bollinger Bands are represented by a respective pink and inexperienced development line.
Usually, an increasing Bollinger Band signifies rising worth volatility. Bitcoin might 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 worth chart on the proper reveals 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 at present being replicated in Bitcoin’s 2024 worth setup, indicating a possible for a important upward worth motion if related situations seen in 2023 are met.
If Bitcoin’s worth closes above the higher Bollinger Band with a purchase sign, it might spark a rally towards $120,000. At the moment buying and selling at $100,219, Bitcoin would want 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 robust uptrend continuation. Sharing a worth chart, the analyst famous that Bitcoin beforehand dipped to the center of the band however rapidly 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 current worth actions 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 might drive the cryptocurrency to a brand new all-time excessive at $136,000. This substantial worth enhance would signify an enormous 36% rally from Bitcoin’s present worth.
Featured picture created with Dall.E, chart from Tradingview.com