Bitcoin Price Hits New All-Time High of $111,800 on May 22
Bitcoin reached a new all-time high of $111,800 on May 22. Analyst Tony Severino predicts a potential rise to between $116,000 and $120,000 following a breakout from the $106,000 range.
Key Predictions and Analysis
- Severino noted that the breakout is significant for establishing a sustainable short-term trend.
- A valid breakout should be supported by RSI above 70 on the 3-day timeframe.
- He acknowledged misjudging the bear thesis, attributing the rally to macro fundamentals over technicals.
- Severino highlighted a perfected TD9 Sell Setup, similar to Q4 2017, which led to a 350% increase in Bitcoin's price.
- Another analyst, Titan of Crypto, indicated an upcoming golden cross, predicting a potential rally to $135,000.
- Veteran analyst Peter Brandt suggested Bitcoin could reach between $125,000 and $150,000 by August.
- Current Bitcoin price is approximately $111,300, up over 3% in the last 24 hours.
