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Crypto analyst Tony Severino has provided some insight into the current Bitcoin price action. He revealed that Bitcoin’s ascendancy has risen above $105,400 and hinted at where the flagship crypto might go.
What’s next for Bitcoin price if the upper band breaks above $105,400?
In one X messageSeverino revealed that Bitcoin’s upper band is now above $105,400. With this development, he alluded to an earlier analysis in which he revealed what could happen once the price moved above $105,400. In the analysis, the crypto analyst said that things could get interesting one day BTC breaks above $105,400.
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He predicted that then Bitcoin could rise up to as much as $170,000. The analyst made this prediction and revealed how BTC witnessed a 90% rise from the wick low in the lower band to the local high. This happened the last time the flagship crypto got a head-fake to the lower band before moving to the upper band.
Based on this trend, Severino believes that the Bitcoin price could rise another 90% and reach as high as $170,000. This price target is significant as it could mark the top for the flagship crypto. The crypto analyst said that the cycle top for Bitcoin can be discussed once BTC reaches this $170,000 target.
However, market experts such as Standard Chartered have suggested that Bitcoin could rise above this $170,000 target. The financial institution predicted that a increase to $200,000 achievable by the end of the year. Bernstein analysts also describe a rally to $200,000 by the end of the year as conservative, meaning Bitcoin could move higher.
This bullish outlook for Bitcoin mainly stems from the fact that Donald Trump will come to power on January 20. The pro-crypto US president-elect is expected to implement a strategic Bitcoin Reserve for the country, which will boost adoption of the flagship crypto.
BTC is not far from a new all-time high
Crypto analyst Rekt Capital has suggested that Bitcoin will soon reach a new all-time high (ATH). In an X-post, he stated that BTC is one daily resistance away from breaking out again to a new ATH. The crypto analyst added that a daily close above the latest resistance, followed by a retest after the breakout, would be enough to put the flagship crypto into price discovery.
Until then, Rekt Capital said Bitcoin would continue to fluctuate between $101,000 and $106,000. Crypto analyst Titan of Crypto offered a more optimistic outlook for BTC, stating that the flagship crypto has started its rally. He noted that, as expected, the crypto has broken through resistance and is now poised for a strong rally.
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At the time of writing, Bitcoin was trading around $103,509, up in the past 24 hours. facts from CoinMarketCap.
Featured image from Pexels, chart from TradingView