Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Bitcoin Daily Bollinger Bands Expand, Why BTC Price Could Rise To $120,000 As Early As Next Week

Source 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.

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.

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.

Bitcoin price chart from Tradingview.com

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Finding The Best Japan Stocks to Buy? These are Top Japanese Companies to Watch Discover the best Japanese stocks to buy, including AI semiconductor leaders, Buffett-backed trading houses, and undervalued Japan stocks benefiting from corporate reforms and yen trends.

Author Mitrade

May 29, Fri

Discover the best Japanese stocks to buy, including AI semiconductor leaders, Buffett-backed trading houses, and undervalued Japan stocks benefiting from corporate reforms and yen trends.

US August CPI lands tonight: after a 5.4% PPI shock, will the Fed hike on September 16?US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.

Author Irene Q.

Sep 11, Fri

US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.

Brent tests $108 as a key export pipeline stays shut — can the rally clear $110?Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.

Author Irene Q.

Yesterday 07: 16

Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Yesterday 07: 49

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Silver Price Forecast: XAG/USD falls to near $63.50 amid Fed hike bets, higher oil prices Silver price (XAG/USD) loses its gains from the previous day, trading around $63.50 per troy ounce during Asian hours on Monday. Non-yielding Silver is currently facing significant headwinds driven by rising Federal Reserve (Fed) rate-hike expectations for the upcoming September decision.

Author FXStreet

23 hours ago

Silver price (XAG/USD) loses its gains from the previous day, trading around $63.50 per troy ounce during Asian hours on Monday. Non-yielding Silver is currently facing significant headwinds driven by rising Federal Reserve (Fed) rate-hike expectations for the upcoming September decision.

Popular Symbols