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The Bitcoin price is flying high at the moment, having rallied to a new all-time high (ATH) of $111,800 on May 22. Now, crypto analyst Tony Severino has predicted that this rally is likely to sustain, with BTC reaching $120,000at some point. Bitcoin Price To Reach $120,000 Following This Range Breakout
In an X post, Tony Severino predicted that the Bitcoin price could reach between $116,000 and $120,000 following the breakout from the $106,000 range. This prediction came just before BTC surged past its previous ATH of $109,100on May 21. The analyst asserted that the flagship crypto could witness a “long, white candlestick” leading to the rally to this range. Related Reading Crypto Analyst Puts Bitcoin Price At $120,000 If This Range Breakout Happens 9 hours ago
He had also warned that failure to break above the $106,000 range could lead to a retracement as lower timeframe momentum begins to wane. In another post, Severino explained why the range breakout was significant, noting that these breakouts in the Bitcoin pricetend to offer a sustainable short-term trend to ride higher. He added that a valid range breakout should be supported by the RSI above 70 on the 3-day timeframe.
The Bitcoin price currently boasts an ultra-bullish outlook, having rallied above the $110,000 mark and reached a new ATH of $111,800. Commenting on the surge to a new ATH, Severino admitted he was wrong about the bear thesis, stating that the macro fundamentalsled over the technicals on this rally. Source: Tony Severino on x
The crypto analyst is confident that the Bitcoin price can go way higher. In his latest analysis, he revealed that BTC’s quarterly just triggered a perfected TD9 Sell Setup. He added that the only other time this happened was in Q4 2017, which was the most bullish quarter in crypto history. Bitcoin eventually rose by over 350% above the candlestick open.
If history were to repeat itself, Severino predicts that the move will be “fast, violent, and over” sooner than anyone can imagine. He noted that up appears to be the chosen direction, which is a positive for the Bitcoin price. A Golden Cross Is Incoming For BTC
In an X post, crypto analyst Titan of Cryptostated that a golden cross is incoming for the Bitcoin price. He remarked that BTC is repeating the same pattern, with a Death Cross happening before the Golden Cross. The analyst added that the last time this happened, it triggered a major rally. Related Reading Bitcoin Macro Trend Oscillator Shows When To Expect The Price Top 2 days ago
In another post, Titan of Crypto predicted that the Bitcoin price could rally to as high as $135,000. He affirmed that the target is still play, with BTC likely to reach this price level this year. Meanwhile, veteran analyst Peter Brandtsuggested that Bitcoin could rally to between $125,000 and $150,000 by August.
At the time of writing, the Bitcoin price is trading at around $111,300, up over 3% in the last 24 hours, according to datafrom CoinMarketCap. BTC trading at $110,627 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com