Bitcoin dropped to about $92,000 on December 20th, after the US Federal Reserve. rate cut triggered a sharp selloff The crypto market is recovering nicely. In spite of this, it appears that the top cryptocurrency is recovering well, as it has returned to levels above $97,000 in the same day.
A prominent analyst in the crypto world has set an ambitious target for Bitcoin. While many investors hope that the price will regain its all-time record of $108,135 once again, the expert is aiming high. The new bullish price target for Bitcoin is explained below.
Bitcoin Price: Can it Repeat this 86% Rally?
NewsBTC’s director of research, Anthony, has posted a blog on the X-platform. “The Bull” Severino shared A fascinating prognosis on the future price of Bitcoin. According to CMT-certified cryptocurrency analyst, flagship cryptocurrency Bitcoin is primed to hit $178,000.
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The Bollinger Bands are used to project the Bitcoin’s price. Bollinger Bands are an indicator with three lines: a moving average, a middle band and upper and lower bands. This tool for technical analysis helps assess volatility in financial markets.
Severino claims that the BTC price on the daily timeframe retested its upper Bollinger Band. In the past, such an action was a sign of a significant price rally.
A similar test was conducted in January 2024, and the price rose 86% to its former high. Severino pointed out that if history repeats itself Bitcoin could see a similar 86% rise from its current point of price to reach $178,000, a record price.
Bitcoin is now trading at $97,265, a rise of 0.8% in just 24 hours. Despite this, Bitcoin is in a 4 percent decline over the past week.
This is what needs to happen first
In fact, given the performance of Bitcoin in the last few months, the target price of $178,000 might not seem so outrageous. According to the most recent on-chain data, Bitcoin’s market leader will need to break through a significant resistance at $97.500 and $99800.
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The crypto pundit Ali Martinez on XOver 924,000 address bought more than 1.19 million BTC in the price range mentioned above. It is a barrier to entry as the buyers in this price bracket may be looking to sell assets at a loss to make up for it. This puts downward pressure to prices.
Martinez noted, however, that investors may see BTC return to the top cryptocurrency if it manages to breach this level. all-time high price You can also create your own.
Chart from TradingView. Image created by DALLE.
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Source: www.newsbtc.com
