The recent surge in the price of Bitcoin has caught the attention of many investors and analysts. With the cryptocurrency reaching a new all-time high of $111,800 on May 22, the market is buzzing with excitement. One prominent crypto analyst, Tony Severino, has made a bold prediction that the rally is far from over, with BTC likely to reach $120,000 in the near future.
In a recent post on X, Tony Severino pointed out that Bitcoin’s breakout from the $106,000 range could propel it to new heights between $116,000 and $120,000. This prediction came just before Bitcoin surpassed its previous all-time high of $109,100 on May 21. Severino emphasized the significance of the range breakout, noting that it could lead to a sustainable short-term uptrend supported by technical indicators like the RSI on the 3-day timeframe.
Despite some initial skepticism, Severino admitted that the macro fundamentals of the market have driven the recent rally, overriding any technical concerns. The Bitcoin price currently sits above $110,000 and shows no signs of slowing down. The analyst’s analysis also revealed a potentially bullish signal in the form of a quarterly TD9 Sell Setup, reminiscent of the bullish quarter of Q4 2017 when Bitcoin surged over 350%.
Looking ahead, Severino remains optimistic about Bitcoin’s future price action, suggesting that a “fast, violent, and over” move could be on the horizon. He also highlighted the possibility of a golden cross formation for Bitcoin, a bullish signal that could trigger another major rally in the market. Other analysts, such as Titan of Crypto and Peter Brandt, have also expressed bullish sentiments, with price targets ranging from $125,000 to $150,000.
At the time of writing, Bitcoin is trading at around $111,300, up over 3% in the last 24 hours according to data from CoinMarketCap. The market remains highly volatile, but the overall sentiment is positive as investors anticipate further gains in the near future.
As the crypto market continues to evolve, it’s essential for investors to stay informed and keep a close eye on market trends and analyst predictions. With Bitcoin showing strong upward momentum, the potential for further price appreciation remains high. Stay tuned for more updates on this exciting market as the rally unfolds.