Bitcoin’s been on a tear lately, hitting a new all-time high (ATH) of $111,800! But is this just the beginning? Several analysts think so.
Analyst Predicts $120,000 Bitcoin
Crypto analyst Tony Severino believes Bitcoin could easily hit between $116,000 and $120,000. He bases this prediction on a recent breakout above the $106,000 price range. Severino says this kind of breakout usually leads to a sustained upward trend, especially when the Relative Strength Index (RSI) is above 70 on the 3-day chart. He even admitted he was wrong about his previous bearish prediction, saying the overall market conditions outweighed his technical analysis.
He’s not just looking at short-term gains. Severino pointed out a “perfected TD9 Sell Setup” – a rare technical indicator that only appeared once before, in Q4 2017. That quarter saw Bitcoin skyrocket over 350%! If history repeats itself, Severino expects another massive, fast-paced rally.
Other Analysts Weigh In
Severino isn’t the only one bullish on Bitcoin. Analyst Titan of Crypto also sees big things ahead, predicting a “golden cross” – a bullish technical pattern – that could push Bitcoin as high as $135,000 this year. He notes that this pattern has historically been followed by significant rallies.
Veteran analyst Peter Brandt is equally optimistic, forecasting a Bitcoin price between $125,000 and $150,000 by August.
The Current Situation
At the time of writing, Bitcoin is trading around $111,300, up over 3% in the last 24 hours. With so many analysts predicting significant gains, it’s clear that the overall sentiment towards Bitcoin is extremely positive.
