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Crypto analyst Tony Severino has offered an ultra-bullish outlook for the Bitcoin price, predicting that the flagship crypto could rally as high as $321,000. The analyst admitted that this target was too high for BTC, but added that it was just the math.
Bitcoin price to reach $321,000 in this market cycle
In one substackpostTony Severino predicted that the Bitcoin price could rally to $321,000 in this bull run. This came as the analyst highlighted a potential head and shoulders pattern That had formed on Bitcoin’s chart. The analyst claimed that if this bullish pattern was valid, it projects a maximum target of $321,000 per BTC.
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Severino admitted that this price target for the Bitcoin price is too high, but noted that it is the “math.” Interestingly, the crypto analyst then gave a higher price forecast for the flagship crypto based on another bullish pattern. According to him, BTC could reach $345,000 if it breaks the upper limit of the Primary Uptrend channel in the past 8 years or thereabouts.
Meanwhile, Severino also offered more conservative targets for the Bitcoin price. The analyst predicted that BTC could hit at least $158,000. This came as he noted that the 2021 cycle peak Inverse Fibonacci expansion could project the 2025 cycle peak. If so, he stated that this peak extension of the inverse FIB is among the low estimates for BTC at $158,000.
The crypto analyst further noted that another method of using the 1.618 FIB extension involves projecting the target from the peak of wave 3 from the bottom of wave 1. Based on this, he added that this calls for to a potential target of $194,000.
Severino offered another version that projects the 1.618 FIB extension from the top of Subwave III of 5 to the bottom of Subwave I of 5. If this plays out, BTC could reach a slightly lower target of $186,000. Finally, the crypto analyst also raised the possibility of the Bitcoin price peaking at $191,000. He emphasized one bull patternwhich, if valid, could send BTC to this target.
BTC’s short-term price action
Crypto analyst Ali Martinez provides insights into short-term Bitcoin price action. In an The analyst further noted that holding above this level is crucial to maintain bullish momentum for the flagship crypto.
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In another X post, the crypto analyst offered a bullish outlook for the Bitcoin price. He noted that the number of BTC transactions More than $100,000 has doubled in the past week, rising from $15,620 to $32,320.
At the time of writing, the Bitcoin price is trading at around $104,300, up nearly 1% in the past 24 hours, according to facts From CoinMarketCap.
Featured image from Unsplash, chart from TradingView.com
