Bitcoin Daily Bollinger Bands Expand, Why BTC Price Could Rise To $120,000 As Early As Next Week
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According to Tony Severino, a cryptocurrency analyst at X (formerly Twitter), the price of Bitcoin could skyrocket to $120,000 by next week. The analyst based his bullish forecast on this Daily Bollinger Band (BB) for Bitcoinhighlighting that these indicators are expanding while BTC displays similar price action observed in 2023.
BTC price targets $120,000 ethereum
On December 12, Severino subscriber Chart showing technical analysis of Bitcoin using Bollinger Bands and historical correlation of price behavior in late 2023. The analyst predicted that if history repeats itself, the Bitcoin price could reach an 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 upward trend observed in 2023. Looking at the analyst’s price chart for 2024, Bitcoin’s upper and lower Bollinger bands are represented by a red and green trend line, respectively.
Typically, it indicates an expanding Bollinger band Increased price volatility. Bitcoin can start an uptrend if it crosses the upper band or enter a bearish phase if it drops below the lower band. Bitcoin also tested the lower limit of the Bollinger Band at $92,560 and is now steadily approaching the upper band at $102,323. Additionally, the analyst set Bitcoin’s Bollinger Band basis at $97,442.
Severino noted that Bitcoin price chart The right shows a historical example in late 2023 when BTC broke above the upper Bollinger band and a significant price rally followed as it raced to the upper bands. This historical trend is currently being replicated in the 2024 Bitcoin price setting, suggesting it is likely to happen Significant upward price movement If similar conditions seen in 2023 are met.
If Bitcoin price closes above the upper border of the Bollinger Band indicator with a buy signal, it could lead to a rise towards $120,000. Bitcoin is currently trading at $100,219, and would need a 20% increase to reach the analyst’s projected target by next week.
The analyst confirms the bullish signal of the Bitcoin Bollinger Band
Trader Tardigrade, an X analyst, also commented on Bitcoin’s recent price action. open BTC’s Bollinger Bands and Bollinger Band Width (BBW) indicate the possibility of… Continuation of strong uptrend. Sharing the price chart, the analyst noted that Bitcoin previously fell to the mid-range but quickly recovered, confirming the supportive nature of the mid-range.
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Trader Tardigrade revealed that Bitcoin’s BBW achieved less deflation, while… Recent price movements Similar to the one from early November, before its price rose from $70,000 to $100,000. If Bitcoin price maintains its current uptrend, the analyst predicts a rally that could push the cryptocurrency to a new all-time high of $136,000. This significant price increase would represent a massive 36% rise from Bitcoin’s current price.
Featured image created with Dall.E, chart from Tradingview.com
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