Crypto analyst Tony Severino revealed that Chicago Mercantile Exchange (CME) Bitcoin futures have breached the $100,000 mark, indicating a potential augment in market sentiment and institutional interest. With cryptocurrency Relative Strength Index (RSI) above 70, analyst says Bitcoin could have entered the bull zone. As a result, he predicts a significant augment in Bitcoin’s price, with the potential to break through to modern ATH soon.
Bitcoin CME futures will rise to $174,000
Severino announced it Bitcoin CME futures exceeded $100,000, which is a modern milestone for the leading cryptocurrency. WX (formerly Twitter) postthe analyst shared a detailed price chart illustrating the past performance of CME’s Bitcoin futures, highlighting key percentage gains in the market Bitcoin price after CME rose above $100,000. Given these historical trends, Severino predicts that BTC could see comparable price growth due to the recent surge in CME futures.
Interestingly, CME’s Bitcoin futures surge has resulted weekly RSI above 70signaling entry into the desired “bull zone”. RSI is a technical indicator that measures the price dynamics of an asset. Typically, the RSI value is above 70 signals a sturdy growth impulseoften leading to bullish moves. Moreover, this indicator has increased have historically preceded vast price increases in BTC.
Severino’s chart shows three past instances where Bitcoin CME Futures exceeded $100,000 and their RSI exceeded 70, highlighting the extraordinary gains that followed these gains. In October 2023, the analyst observed that the price of BTC saw an augment of 59.76%, with an augment of $3,546, bringing its value to $51,000.
Similarly, in February 2024, the leading cryptocurrency experienced a more significant price augment of 76.08%, increasing its value by $6,486 to $75,000. BTC later saw another impressive price augment of 59.23% in November 2024, which led to a price augment of $8,117 and brought it close to the $110,000 level.
Based on these past results, Severino predicts that Bitcoin could survive another rally 59% to 76% if it follows the same bullish pattern. This would reinforce the analyst’s positive forecasts, potentially pushing Bitcoin’s price to between $158,000 and $174,000, setting modern all-time highs.
The BTC inflow index stands out
As Bitcoin shows renewed strength in the cryptocurrency market, analysts have observed: augment in key technical indicatorswhich suggests that a significant price augment may be on the horizon. Trader Tardigrade, a prominent cryptocurrency analyst, does revealed on X that BTC’s daily cash flow index (MFI) is currently breaking out. This technical indicator measures capital flow to and from cryptocurrency, signaling a potential augment in purchasing pressure.
At the time of writing, Bitcoin’s price is steadily at $99,552 approaching its previous price of $100,000 lofty. Given the cryptocurrency’s recent MFI augment, Trader Tardigrade predicts that the BTC price could rise to $132,000 by February 2025.
Featured image created with Dall.E, chart from Tradingview.com
