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According to Tony Severino, a crypto analyst at X (formerly Twitter), the price of Bitcoin could rise significantly to reach $120,000 by next week. The analyst based his bullish projection on this Daily Bollinger Bands (BB) of Bitcoinhighlighting that these indicators are expanding as BTC displays similar price action seen in 2023.
BTC price aims at $120,000 ATH
On December 12th Severino shared a chart showing a technical analysis of Bitcoin using Bollinger Bands and a historical correlation of price behavior at the end of 2023. The analyst predicted that if history repeats itself, the Bitcoin price could reach all-time high of $120,000 by next week.
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Severino revealed that Bitcoin’s daily Bollinger bands are expanding, while its current price action reflects a similar bullish trend seen in 2023. Looking at the analyst’s 2024 price chart, the upper and lower Bollinger bands of Bitcoin are represented by a respective red and green trend line.
Typically, it indicates an expanding Bollinger band 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 also tested the lower Bollinger band at $92,560 and is now steadily approaching the upper $102,323 band. Furthermore, the analyst placed the base of Bitcoin’s Bollinger Bands at $97,442.
Severino observed that the Bitcoin price chart on the right shows a historical case in late 2023, when BTC broke above the upper Bollinger band and followed a substantial price rally as it walked along the bands higher. This historical trend is currently being replicated in Bitcoin’s price pattern in 2024, indicating a potential for a significant upward movement in prices whether similar conditions seen in 2023 are met.
If Bitcoin price closes above the upper Bollinger band with a buy signal, it could trigger a rally towards $120,000. Currently trading at $100,219, Bitcoin would need to rise 20% to reach the analyst’s predicted target by next week.
Analyst Confirms Bitcoin Bollinger Band Bullish Signal
Also commenting on Bitcoin’s recent price action, Trader Tardigrade, an analyst at revealed that BTC’s Bollinger Bands and Bollinger Band Width (BBW) signal the potential for a strong continuation of the uptrend. Sharing a price chart, the analyst noted that Bitcoin had previously fallen to the middle of the range, but quickly recovered, underscoring the supportive nature of the mid-range.
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Trader Tardigrade revealed that Bitcoin’s BBW contracted less, while his recent price movements they resemble those in early November, shortly before its price skyrocketed from $70,000 to $100,000. If the price of Bitcoin maintains the current uptrend, the analyst predicts a surge that could take the cryptocurrency to a new all-time high at $136,000. This substantial price increase would represent a massive 36% increase over Bitcoin’s current price.
Featured image created with Dall.E, chart from Tradingview.com