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

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	2,011,793,637,512	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

2,011,793,637,512

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	403.15	0.40%	101,859.68	101,859.67	101,859.68

Price Change

Price Change %

Current Price

Bid Price

Offer

403.15

0.40%

101,859.68

101,859.67

101,859.68

High Price	Low Price	Open Price	Prev. Close	52 Week Range
102,650.00	101,144.48	101,444.82	101,456.53	38,501.00 - 104,000.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

102,650.00

101,144.48

101,444.82

101,456.53

38,501.00 - 104,000.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	08:53:41	0.001005	101,859.68	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

08:53:41

0.001005

101,859.68

USD

Price x Volume	Volume	Base Symbol	Related Pairs
246,018,815.27	2,413.49	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

246,018,815.27

2,413.49

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

14/12/2024 3:00am

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. Related Reading: Shiba Inu Price Rebounds Toward $0.00003, Taking 69% Of All Holders Back Into The Green 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. Related Reading: Dogecoin Price On Its Way To $1: Why A Retest Of $0.48 Is More Important Than Anything 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. Featured image created with Dall.E, chart from Tradingview.com

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