Crypto Analyst Tony Severino has provided some insight into the current Bitcoin price action. He revealed that Bitcoin has moved above $105,400 and hinted at where the flagship crypto could go next.
What’s next for Bitcoin price if upper band moves above $105,400?
in one X postSeverino revealed that Bitcoin’s upper band is now above $105,400. Along with this development, he hinted at a previous analysis in which he revealed what could happen once the price breaks above $105,400. In the analysis, the crypto analyst mentioned that things could get interesting once BTC breaks above $105,400.
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He then prophesied Bitcoin can rally Up to a maximum of $170,000. The analyst made this prediction explaining how BTC saw a 90% rally from the Vic low to the local high on the lower band. This happened last time when the flagship crypto got a head fake for the lower band before moving into the upper band.
Based on this trend, Severino believes that the price of Bitcoin could record another 90% increase and rise to $170,000. This price target is important because it could mark the top for the flagship crypto. The crypto analyst said that bicycle top After BTC reaches this $170,000 target, Bitcoin can be discussed.
However, market experts such as Standard Chartered have suggested that Bitcoin may move beyond this $170,000 target. The financial institution has predicted that a Rally up to $200,000 is receivable by the end of the year. Analysts at Bernstein called a rally to $200,000 by the end of the year conservative, meaning bitcoin could rally higher.
This bullish outlook for Bitcoin stems primarily from the fact that Donald Trump is set to take office on January 20th. Pro-Crypto is expected to implement a strategic bitcoin reserve for the US president-elect, 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 said that BTC is a daily resistance that is away from breaking a new ATH once again. The crypto analyst added that a daily close above the ultimate resistance and a post-breakout retest would be enough to launch the flagship crypto into price discovery.
Until then, Rect Capital mentioned that Bitcoin will continue to hover between $101,000 and $106,000. Crypto Analyst The titan of crypto offered a more optimistic outlook for BTC, stating that the flagship crypto has started its rally. He commented that, as predicted, the crypto has broken the resistance and is now set for a strong rally.
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At the time of writing, Bitcoin was trading at around $103,509 in the last 24 hours, according to data From CoinMarketCap.
Featured images from Pexels, charts from TradingView
