Crypto analyst Tony Severino has provided an ultra-bullish outlook for the Bitcoin price, predicting that the flagship crypto could rally to as high as $321,000. The analyst admitted that this target was too high for BTC but added that it was simply the “math.
Bitcoin Price To Reach $321,000 In This Market Cycle
In a substack post, Tony Severino predicted that the Bitcoin price could rally to as high as $321,000 in this bull run. This came as the analyst highlighted a potential head and shoulders pattern that had formed on Bitcoin’s chart. The analyst claimed that if this bullish pattern was valid, then it projects a maximum target of $321,000 per BTC.
Severino admitted that this price target for the Bitcoin price is too high but remarked that it’s the “math.” Interestingly, the crypto analyst went on to give a higher price prediction for the flagship crypto based on another bullish pattern. According to him, BTC could reach $345,000 if it touches the upper boundary of the primary uptrend channel over the last 8 years or thereabouts.
Meanwhile, Severino also provided more conservative targets for the Bitcoin price. The analyst predicted that BTC could at least touch $158,000. This came as he noted that the 2021 cycle peak inverse Fibonacci extension could project the 2025 cycle peak. If so, he stated that this peak inverse Fib extension is located among the lowest estimates for BTC at $158,000.
The crypto analyst further remarked that another method of using the 1.618 Fib extension involves projecting the target from the peak of wave 3 from the bottom of wave 1. Based on this, he added that this calls for a potential target of $194,000.
Severino provided another version that projects the 1.618 Fib extension from the top of subwave iii of 5 to the bottom of subwave i of 5. If this plays out, BTC could reach a slightly lower target of $186,000. Lastly, the crypto analyst also raised the possibility of the Bitcoin price peaking at $191,000. He highlighted a bull pattern, which, if valid, could send BTC to this target.
BTC’s Price Action In The Short Term
Crypto analyst Ali Martinez provided insights into the Bitcoin price action in the short term. In an X post, he stated that the key support level for Bitcoin is at $97,877, where more than 101,000 BTC were accumulated. The analyst further remarked that holding above this level is crucial to sustaining the bullish momentum for the flagship crypto.
In another X post, the crypto analyst provided a bullish outlook for the Bitcoin price. He noted that the number of BTC transactions over $100,000 has doubled in the past week, rising from $15,620 to $32,320.
At the time of writing, the Bitcoin price is trading at around $104,300, down almost 1% in the last 24 hours, according to data from CoinMarketCap.
Source: NewsBTC