Bitcoin Daily Bollinger Bands Expand, Why BTC Price Could Rise To $120,000 As Early As Next Week
14 Dezember 2024 - 4:00AM
NEWSBTC
According to Tony Severino, a crypto analyst on X (formerly
Twitter), the Bitcoin price could surge significantly to $120,000
by next week. The analyst has grounded his bullish projection on
Bitcoin’s daily Bollinger Bands (BB), highlighting that these
indicators are expanding while BTC displays a similar price action
observed in 2023. BTC Price Targets $120,000 ATH On December 12,
Severino shared a chart demonstrating a technical analysis of
Bitcoin using the Bollinger Bands and a historical correlation of
late 2023 price behavior. The analyst predicted that if history
repeats itself, the Bitcoin price could reach a $120,000 all-time
high by next week. Related Reading: Shiba Inu Price Rebounds
Toward $0.00003, Taking 69% Of All Holders Back Into The Green
Severino disclosed that Bitcoin’s daily Bollinger Bands are
expanding, while its current price action reflects a similar
bullish trend observed in 2023. Looking at the analyst’s 2024 price
chart, Bitcoin’s upper and lower Bollinger Bands are represented by
a respective red and green trend line. Typically, an expanding
Bollinger Band indicates increasing price volatility. Bitcoin could
start a bullish trend if it breaks above the upper band or enter a
bearish phase if it drops below the lower band. Bitcoin has also
tested the lower Bollinger Band at $92,560 and is now steadily
approaching the upper band at $102,323. Additionally, the analyst
has placed Bitcoin’s Bollinger Band basis at $97,442. Severino
observed that the Bitcoin price chart on the right shows a
historical instance in late 2023 when BTC broke above the upper
Bollinger band and followed with a substantial price rally as it
walked the bands higher. This historical trend is currently being
replicated in Bitcoin’s 2024 price setup, indicating a potential
for a significant upward price movement if similar conditions seen
in 2023 are met. If Bitcoin’s price closes above the upper
Bollinger Band with a buy signal, it could spark a rally toward
$120,000. Currently trading at $100,219, Bitcoin would need to
increase by 20% to reach the analyst’s projected target by next
week. Analyst Confirms Bitcoin Bollinger Band Bullish
Signal Also commenting on Bitcoin’s recent price action, Trader
Tardigrade, an analyst on X, revealed that BTC’s Bollinger Bands
and Bollinger Band Width (BBW) are signaling the potential for a
strong uptrend continuation. Sharing a price chart, the analyst
noted that Bitcoin previously dipped to the middle of the band but
quickly recovered, underscoring the supportive nature of the
mid-band. Related Reading: Dogecoin Price On Its Way To $1: Why A
Retest Of $0.48 Is More Important Than Anything Trader
Tardigrade has revealed that Bitcoin’s BBW has hit a lower
contraction, while its recent price movements resemble those of
early November, just before its price skyrocketed from $70,000 to
$100,000. If Bitcoin’s price maintains its current bullish trend,
the analyst predicts a surge that could drive the cryptocurrency to
a new all-time high at $136,000. This substantial price increase
would represent a massive 36% rally from Bitcoin’s current
price. Featured image created with Dall.E, chart from
Tradingview.com
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