According to Tony Severino, a cryptocurrency analyst at X (formerly Twitter), Bitcoin’s price could rise significantly to $120,000 next week. The analyst based his bullish projection on Bitcoin Daily Bollinger Bands (BB)highlighting that these metrics are increasing while BTC shows similar price action seen in 2023.

The target price for BTC is $120,000 ATH

December 12, Seweryno common chart showing Bitcoin technical analysis using Bollinger Bands and historical correlation of price behavior at the end of 2023. The analyst predicted that if history repeated itself, Bitcoin price may hit all-time high of $120,000 until next week.

Severino revealed that Bitcoin’s daily Bollinger Bands are rising while its current price action reflects a similar uptrend seen in 2023. Looking at the analyst’s price chart for 2024, Bitcoin’s upper and lower Bollinger Bands are represented by their respective red and green trend lines .

This is usually indicated by an expanding Bollinger Band increasing price volatility. Bitcoin may start a bullish trend if it breaks above the upper band or enter a bear phase if it falls below the lower band. Bitcoin also tested the lower Bollinger Band at $92,560 and is currently steadily approaching the upper band at $102,323. Additionally, the analyst placed Bitcoin’s Bollinger Band at $97,442.

Severino noted that Bitcoin price chart on the right you can see a historical case from behind schedule 2023 when BTC broke the upper Bollinger Bands, followed by a significant price augment as it moved higher in the bands. This historical trend is currently being replicated in Bitcoin’s price setup for 2024, indicating the potential for: significant upward price movement if similar conditions as 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 projected target by next week.

Analyst confirms Bitcoin Bollinger Band bullish signal

Also commenting on Bitcoin’s recent price action, Trader Tardigrade, analyst X, revealed that BTC’s Bollinger Bands and Bollinger Band Width (BBW) signal the potential for: mighty continuation of the upward trend. Sharing the price chart, the analyst noted that Bitcoin had previously fallen to the mid-band but quickly rebounded, highlighting the supportive nature of the mid-band.

Trader Tardigrade revealed that Bitcoin’s BBW made a lower decline while his recent price movements they resembled those in early November, just before the price spiked from $70,000 to $100,000. If Bitcoin’s price continues its current upward trend, the analyst predicts a surge that could push the cryptocurrency to a novel record high of $136,000. This significant price augment would represent a massive 36% augment over Bitcoin’s current price.

Featured image created with Dall.E, chart from Tradingview.com