Crypto Expert Projects Bitcoin Could Reach $120,000 Following This Range Breakout
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Bitcoin is currently experiencing a significant surge, recently peaking at an all-time high of $111,800 on May 22. Analyst Tony Severino forecasts that this upward trend is expected to continue, with BTC potentially reaching $120,000 in the near future.
Bitcoin Expected to Hit $120,000 After Key Breakout
In a post, Tony Severino indicated that Bitcoin’s price might rise to between $116,000 and $120,000 after breaking the $106,000 threshold. This analysis preceded the increase of BTC past its former high of $109,100 on May 21. The expert suggested that the leading cryptocurrency could form a strong upward candlestick, fueling the momentum toward this target.
Further Insights
He cautioned that a failure to surpass the $106,000 level could trigger a price correction as shorter-term momentum begins to fade. In another analysis, Severino elaborated on why the breakout was vital, asserting that such movements tend to establish a sustainable upward trend. He mentioned that a legitimate range breakout should ideally be accompanied by the Relative Strength Index (RSI) exceeding 70 on a three-day chart.
Currently, Bitcoin is benefitting from a highly optimistic outlook, having climbed above $110,000 to achieve a new peak of $111,800. Reflecting on this ascent, Severino acknowledged his previous bearish stance, stating that the prevailing macroeconomic conditions have outshone technical analysis during this rally.
The analyst holds strong confidence that Bitcoin’s price has substantial room for growth. In his most recent evaluation, he noted that BTC’s quarterly performance has set off a perfected TD9 Sell Setup. He indicated that this occurrence previously appeared in Q4 of 2017, a notably bullish period in the crypto realm, during which Bitcoin experienced an over 350% increase from its opening candlestick price.
Should history repeat itself, Severino predicts that this upward movement will be rapid, intense, and may conclude sooner than anticipated. He emphasizes that the prevailing trend is upward, signaling positive prospects for Bitcoin’s value.
A Golden Cross Is Approaching for BTC
In a recent post, crypto analyst Titan of Crypto asserted that a golden cross is on the horizon for Bitcoin’s price. He pointed out that BTC is following a familiar pattern, undergoing a Death Cross before its impending Golden Cross. The analyst added that the last occurrence resulted in a significant price rally.
Further Insights
In another commentary, Titan of Crypto projected that Bitcoin could surge to as high as $135,000 in the future. He reiterated that this target remains in play, suggesting that BTC is likely to achieve these levels this year. Meanwhile, veteran analyst Peter Brandt has estimated that Bitcoin could reach between $125,000 and $150,000 by August.
At this moment, Bitcoin is trading around $111,300, reflecting a rise of over 3% within the past 24 hours, as per data sourced from CoinMarketCap.
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