Bitcoin Price Prediction: $120,000 Possible After Breakout?
Note: This post may contain affiliate links, and we may earn a commission (with No additional cost for you) if you make a purchase via our link. See our disclosure for more info. The crypto world is constantly changing. This content is for informational purposes only and not financial, legal, or professional advice So, please verify the info on the cryptocurrency provider’s websites.
Bitcoin's recent surge to a new all-time high of $111,800 has fueled bullish predictions. Crypto analyst Tony Severino forecasts a potential price increase to $116,000-$120,000 following a breakout from the $106,000 range. He cites the RSI (Relative Strength Index) above 70 on the 3-day timeframe as a key indicator supporting this bullish outlook. Severino initially held a bearish stance but now attributes the rally to macro fundamentals surpassing technical indicators. His analysis also points to a “perfected TD9 Sell Setup,” mirroring a pattern seen in Q4 2017, which preceded a 350% Bitcoin surge. This historical precedent leads Severino to predict a rapid and significant price increase. Another analyst, Titan of Crypto, anticipates a “golden cross,” similar to a past pattern that triggered a major rally, potentially pushing Bitcoin to $135,000. Veteran analyst Peter Brandt adds to the bullish sentiment, forecasting a price range of $125,000-$150,000 by August. While these predictions are optimistic, it's crucial to remember that cryptocurrency markets are inherently volatile and these forecasts are speculative. The potential for significant gains is accompanied by the risk of substantial losses. Investors should conduct thorough research and consider their own risk tolerance before making investment decisions.
(Source: https://www.newsbtc.com/news/bitcoin/bitcoin-price-at-120000/)
