Bitcoin is currently rising high, reaching a new all-time high (ATH) of $111,800 on May 22. Currently, cryptocurrency analyst Tony Severino has predicted that this bullish trend is likely to persist and BTC will reach $120,000 at some point.
Bitcoin's price will reach $120,000 after breaking this range
In a post on X, Tony Severino predicts that Bitcoin's price could reach between $116,000 and $120,000 after breaking through the $106,000 range. This prediction was made just before BTC surged past the previous ATH of $109,100 on May 21. The analyst asserts that the leading cryptocurrency could see a "long white candle" leading to the price increase into this range.
He also warned that failing to break through the $106,000 range could lead to a retracement as momentum in the lower time frame begins to weaken. In another post, Severino explained why the range breakout is important, noting that these breakouts in Bitcoin's price tend to provide a sustainable short-term trend for further increases. He added that a valid range breakout must be supported by an RSI above 70 in the 3-day timeframe.
Bitcoin's price is currently extremely bullish, having risen above $110,000 and reached a new ATH of $111,800. Commenting on the rise to the new ATH, Severino admitted he was wrong about his bearish thesis, stating that macro fundamental factors have led technical factors in this bullish run.
The cryptocurrency analyst is confident that Bitcoin's price could rise even higher. In his latest analysis, he reveals that BTC's quarter has just triggered a perfect TD9 sell setup. He adds that the only time this happened was in Q4 of 2017, which was the strongest bullish quarter in cryptocurrency history. Bitcoin eventually increased by over 350% from the opening candle.
If history repeats itself, Severino predicts that this move will be "quick, fierce, and end" sooner than anyone can imagine. He notes that the upward direction seems to be the chosen path, which is a positive signal for Bitcoin prices.
A Golden Cross is coming for BTC
In a post on X, cryptocurrency analyst Titan of Crypto stated that a golden cross is approaching Bitcoin's price. He commented that BTC is repeating the same pattern, with a Death Cross occurring before the Golden Cross. The analyst added that the last time this happened, it triggered a significant price increase.
In another post, Titan of Crypto predicts that Bitcoin's price could rise to $135,000. He asserts that this target is still within reach, with the possibility that BTC will hit this price this year. Meanwhile, veteran analyst Peter Brandt suggests that Bitcoin could rise from $125,000 to $150,000 by August.
At the time of writing, Bitcoin's price is trading at around $111,300, up over 3% in the past 24 hours, according to data from CoinMarketCap.
