Bitcoin Price Could Reach $120,000 by Next Week According to Analyst
Crypto analyst Tony Severino predicts Bitcoin's price could reach $120,000 by next week, based on the expansion of Bitcoin's daily Bollinger Bands (BB) and historical price actions from 2023.
BTC Price Targets $120,000 ATH
On December 12, Severino shared a technical analysis chart indicating that if historical patterns repeat, Bitcoin may hit a $120,000 all-time high. His analysis shows expanding Bollinger Bands, with Bitcoin's upper and lower bands marked by red and green trend lines respectively.
Expanding Bollinger Bands typically indicate increasing price volatility. Bitcoin has tested the lower band at $92,560 and is approaching the upper band at $102,323. The Bollinger Band basis is currently at $97,442.
Historical data from late 2023 shows that when Bitcoin broke above the upper Bollinger Band, it experienced significant price rallies. If current conditions mirror those from 2023, there is potential for substantial upward movement.
For a rally to $120,000, Bitcoin, currently priced at $100,219, would need to increase by 20% within the week.
Analyst Confirms Bitcoin Bollinger Band Bullish Signal
Trader Tardigrade also noted bullish signals in Bitcoin's recent price action. He emphasized that the Bollinger Bands and Bollinger Band Width (BBW) suggest a strong continuation of the uptrend. A chart shared by Tardigrade illustrated Bitcoin's recovery after dipping to the middle of the band, highlighting the mid-band's support role.
Tardigrade noted that Bitcoin's BBW has contracted, and its recent price movements are similar to early November, prior to a surge from $70,000 to $100,000. If the bullish trend continues, he anticipates Bitcoin could reach a new all-time high of $136,000, representing a 36% increase from its current price.
