Bitcoin Daily Bollinger Bands Expand, Why BTC Price Could Rise To $120,000 As Early As Next Week
X (former Twitter) cryptocurrency analyst Tony Severino says that Bitcoin prices could surge as high as $120,000 by next week. This analyst’s bullish forecast is based on Bitcoin’s Daily Bollinger Bands (BB)highlighting that these indicators are expanding, with BTC showing similar price action observed in 2023.
BTC price target is $120,000
December 12, Severino shared This chart illustrates technical analysis of Bitcoin using Bollinger Bands and historical correlation of price action through late 2023. Analysts predict that if history repeats itself, Bitcoin price could hit all-time high of $120,000 Until next week.
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Severino revealed that Bitcoin’s daily Bollinger Bands are expanding, and 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 red and green trend lines respectively.
Typically, expansion of Bollinger Bands indicates Increased price volatility. If Bitcoin breaks above the upper line, it may start a bullish trend; if it breaks below the lower line, it may enter a bearish phase. Bitcoin also tested the lower Bollinger Band limit of $92,560 and is now steadily approaching the upper Bollinger Band limit of $102,323. Additionally, analysts set Bitcoin’s Bollinger Band base at $97,442.
Severino observed Bitcoin price chart The chart on the right shows a historical example in late 2023, when BTC broke above the upper Bollinger Bands, followed by a significant price increase as the price moved higher. This historical trend is currently being replicated in Bitcoin’s 2024 price setup, suggesting that Bitcoin is likely to Prices rise sharply If similar conditions are met in 2023.
If Bitcoin prices close above the upper Bollinger Bands and issue a buy signal, it could trigger a rally towards $120,000. Bitcoin is currently trading at $100,219 and would need to rise 20% to hit analysts’ forecasts next week.
Analyst Confirms Bitcoin Bollinger Bands Bullish Signal
X analyst Trader Tardigrade also commented on Bitcoin’s recent price action, disclose Bitcoin’s Bollinger Bands and Bollinger Band Width (BBW) Indicate Bitcoin’s Potential Strong uptrend continues. Sharing a price chart, the analyst noted that Bitcoin had previously fallen into the middle of the range, but quickly recovered, highlighting the supportive nature of the mid-range.
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Trader Tardigrade revealed that Bitcoin’s BBW has seen a lower contraction, while its recent price movements Similar to what happened in early November, when its price surged from $70,000 to $100,000. If the price of Bitcoin maintains its current bullish trend, analysts predict that the price of Bitcoin could surge to an all-time high of $136,000. This huge price increase will be a 36% increase from Bitcoin’s current price.
Featured image created using Dall.E, chart from Tradingview.com
