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According to Tony Severino, a crypto analyst at X (formerly Twitter), the price of Bitcoin could rise significantly to $120,000 next week. The analyst focused his bullish predictions Daily Bitcoin Bollinger Bands (BB)which highlights that these indicators are growing while BTC shows the same price action seen in 2023.
BTC Price Target $120,000 ATH
On December 12, Severino shared chart showing technical analysis of Bitcoin using Bollinger Bands and historical correlation of price behavior towards the end of 2023. The analyst predicted that if history repeats itself, i Bitcoin price could reach $120,000 all time high next week.
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Severino revealed that Bitcoin’s Bollinger Bands are increasing daily, while its current price action shows the same bullish trend observed in 2023. Looking at the analyst price chart for 2024, Bitcoin’s upper and lower Bollinger Bands are represented by the red and green trend line respectively.
Usually, a rising Bollinger Band shows which increases price volatility. Bitcoin can start a bullish trend if it breaks above the upper band or enter a bearish phase if it drops below the lower band. Bitcoin retested the lower Bollinger Band at $92,560 and is now slowly approaching the upper band at $102,323. Additionally, the analyst has set the Bitcoin Bollinger Band base at $97,442.
Severino noted that Bitcoin price chart on the right shows a historical event in late 2023 when BTC broke above the upper Bollinger band and was followed by a large price rally as it rose above the band. This historical trend is currently being repeated in the 2024 Bitcoin price setup, indicating that it is possible important price movements if the same conditions seen in 2023 are achieved.
If the price of Bitcoin closes above the upper Bollinger Band with a buy signal, it may trigger a rally towards $120,000. Currently trading at $100,219, Bitcoin will need to increase by 20% to reach the analyst’s projected target next week.
Analyst Confirms Bitcoin Bollinger Band Bullish Signal
Also commenting on Bitcoin’s recent price action, Trader Tardigrade, an analyst at X, it was revealed that BTC’s Bollinger Bands and Bollinger Band Width (BBW) indicate the possibility strong continuation of the uptrend. Sharing the price chart, the analyst noted that Bitcoin earlier dipped in the middle of the band but quickly recovered, emphasizing the support position of the middle group.
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Trader Tardigrade has revealed that BBW Bitcoin has hit a low summary, while its recent price movements same as in early November, just before its price increased from $70,000 to $100,000. If the price of Bitcoin maintains its current bullish trend, the analyst predicts an increase that could drive the cryptocurrency to an all-time high of $136,000. This massive price increase will represent a massive rally of 36% from the current price of Bitcoin.
The featured image was created with Dall.E, a chart from Tradingview.com
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