BTC price target is $120,000 ATH

On December 12, Severino shared a chart showing a technical analysis of Bitcoin using Bollinger Bands and the historical correlation of price behavior at the end of 2023. The analyst predicts that if history repeats itself, Bitcoin's price could reach a historic high of $120,000 next week.

Severino revealed that the daily Bollinger Bands for Bitcoin are expanding, and its current price trend reflects a similar bullish trend observed in 2023. According to the analyst's 2024 price chart, the upper and lower Bollinger Bands for Bitcoin are represented by red and green trend lines, respectively.

Generally, the expansion of Bollinger Bands indicates an increase in price volatility. If Bitcoin breaks through the upper limit, a bullish trend may begin; if Bitcoin falls below the lower limit, it may enter a bearish phase. Bitcoin has also tested the lower Bollinger Band at $92,560 and is currently steadily approaching the upper limit of $102,323. Additionally, the analyst has set the benchmark for Bitcoin's Bollinger Bands at $97,442.

Severino observed that the Bitcoin price chart on the right shows a historical instance at the end of 2023, when BTC broke through the upper Bollinger Band, followed by a significant price increase along the Bollinger Bands. This historical trend is currently reappearing in Bitcoin's price movement for 2024, indicating that if similar conditions to those in 2023 are met, there is potential for a substantial price increase.

If Bitcoin's price closes above the Bollinger Bands and issues a buy signal, it may trigger a rally towards $120,000. Currently, Bitcoin is trading at $100,219, and it needs to rise 20% before next week to reach the analyst's target.