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Cryptographic analyzer Tony Severino I provided some insights into Bitcoin’s current price action. He revealed that Bitcoin’s upper hand has surpassed $105,400 and hinted at where the major cryptocurrency could go next.
What’s next for Bitcoin price as the upper band moves above $105,400?
in Share XSeverino revealed that Bitcoin’s upper range now exceeds $105,400. With this development, he alluded to a previous analysis in which he revealed what could happen once the price exceeds $105,400. In the analysis, the cryptocurrency analyst mentioned that things could get interesting for once BTC break above $105,400.
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Then he predicted it Bitcoin could rise Up to $170,000. The analyst made this prediction while revealing how BTC saw a 90% rally from the bottom of the wick at the lower range to the local high. This happened the last time the major cryptocurrency had a false head in the lower band before moving to the upper band.
Based on this trend, Severino believes that Bitcoin price could record another 90% rise and rise to $170,000. This target price is important because it could represent the highest price for major cryptocurrencies. Cryptocurrency analyst stated that Top of the course Bitcoin could be discussed once BTC reaches the $170,000 target.
However, market experts such as Standard Chartered have suggested that Bitcoin could rise beyond this $170,000 target. The financial institution expected that a Rally to $200,000 By the end of the year it can be achieved. Bernstein analysts also described the rise to $200,000 by the end of the year as conservative, meaning Bitcoin could move higher.
This bullish outlook for Bitcoin mainly stems from the fact that Donald Trump is set to take office on January 20. The pro-crypto US President-elect is expected to implement a strategic Bitcoin reserve for the country, which will boost the adoption of major cryptocurrencies.
BTC is not far from a new all-time high
Cryptographic analyzer Richt Capital He suggested that Bitcoin will soon reach a new all-time high (ATH). In X’s post, he mentioned that BTC is one daily resistance away from breaking out to a new ATH again. The cryptocurrency analyst added that a daily close above final resistance followed by a post-breakout retest would be enough to launch the major cryptocurrency into price discovery.
Until then, Rekt Capital reports that Bitcoin will continue to range between $101,000 and $106,000. Cryptographic analyzer Titan encryption She offered a more optimistic outlook for BTC, noting that the flagship cryptocurrency is starting to rise. He noted that, as expected, the crypto broke through the 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, high over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Pexels, chart from TradingView