Bitcoin Could Reach $200,000 If History Repeats

After the US Federal Reserve dropped rates, Bitcoin sank to $92,000 Friday afternoon, December 20. The top cryptocurrency rebounded over $97,000 on the same day, suggesting a recovery.

Investors hope Bitcoin will return to its all-time high of $108,135, but a famous crypto expert has set an ambitious objective. The new positive Bitcoin price target is explained below.

Does Bitcoin Price Repeat 95% Rally?

NewsBTC chief of research Tony “The Bull” Severino made an intriguing Bitcoin price prediction on X. The CMT-certified crypto analyst expects the flagship cryptocurrency to hit $200,000.

The Bitcoin price action relative to Bollinger Bands supports this optimistic prediction. Three lines make up the Bollinger Bands indicator: a simple moving average (middle band), upper and lower bands. This technical analysis tool measures financial market volatility.

Severino says BTC's daily price retested the monthly upper Bollinger Band. History shows that this move has started major price rallies.

After a similar retest in late January 2024, prices rose 86% to $73,737, the old all-time high. Severino said Bitcoin might rise 95% from its present price to a new record high of $200,000.

Bitcoin is now at $97,265, up 0.8% in 24 hours. However, the top cryptocurrency is down 4% weekly.

This Must Happen First

Given Bitcoin's growth in recent months, the $200,000 aim may not be too far off. The newest on-chain data reveals that the market leader must overcome substantial resistance around $97,500 and $99,800.

Crypto commentator on X said that around 924,000 addresses acquired 1.19 million BTC at the price. This creates resistance when purchasers inside the price range sell their assets to break even after a loss, lowering prices.

Martinez stated that if BTC breaks this level, investors may see the main cryptocurrency return to its all-time high and maybe construct a new one.

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