Bitcoin Chicago Mercantile Exchange (CME) futures, as analyzed by Tony Severino, surpassed $100,000, suggesting a rise in market sentiment and institutional interest. Given that Bitcoin’s Relative Strength Index (RSI) is above 70, Severino believes the cryptocurrency has entered a bullish phase, predicting a substantial price surge for Bitcoin, which could potentially shatter existing all-time highs in the near future.
Bitcoin CME Futures To Trigger Rise To $174,000
Severino declared on his X (previously Twitter) post that Bitcoin’s CME future contracts have exceeded $100,000, setting a fresh record for the dominant cryptocurrency. In this update, he presented an elaborate price chart demonstrating previous Bitcoin CME futures performances, emphasizing significant percentage growths in Bitcoin’s price after the CME surpassed the $100,000 mark. Based on these historical patterns, Severino anticipates that BTC might experience a similar price spike due to the recent surge in its CME futures.
It’s noteworthy that the increase in Bitcoin CME futures has caused the Relative Strength Index (RSI) to climb weekly above 70, indicating the entry into the “bull zone.” The RSI is a technical tool that gauges an asset’s price momentum. Normally, when the RSI exceeds 70, it suggests strong upward momentum, which often results in bullish trends. Additionally, significant increases in this indicator have tended to precede substantial Bitcoin price surges in the past.
According to Severino’s analysis, there have been three previous occasions when Bitcoin CME Futures exceeded $100,000 and the RSI went above 70, indicating substantial gains that followed these spikes. In October 2023, it was noted that Bitcoin experienced a significant price surge of 59.76%, or an increase of $3,546, which elevated its value to approximately $51,000.
In February 2024, Bitcoin (BTC) underwent a significant price jump of 76.08%, which boosted its value to $75,000 from $68,514. Later in November 2024, BTC witnessed another substantial rally of 59.23%, causing an increase of $8,117 and bringing it close to the $110,000 milestone.
As a researcher, I’m extrapolating that if Bitcoin follows its previous bullish trends, it may witness another surge of approximately 59% to 76%. This prediction could bolster the optimistic perspective among analysts, potentially pushing Bitcoin’s value within the range of $158,000 to $174,000. If this materializes, we might be observing new record highs for Bitcoin.
BTC Inflow Index Breaks Out
In my role as a researcher studying the cryptocurrency market, I’ve noticed an intriguing development with Bitcoin: its resurgence has sparked increased attention from analysts. Key technical indicators, such as the Money Flow Index (MFI), are showing a significant uptick, hinting at a possible upcoming price surge. Notably, Trader Tardigrade, a well-known crypto analyst, recently revealed on platform X that BTC’s daily MFI is currently experiencing a breakout. This technical indicator gauges the movement of capital into and out of Bitcoin, implying an increase in buying pressure, which could potentially drive prices higher.
Currently, Bitcoin is being traded at around $99,552 and is moving closer to its previous peak of $100,000. According to the predictions made by Trader Tardigrade, Bitcoin’s price might increase significantly, reaching approximately $132,000 by February 2025, due to a recent rise in its Money Flow Index (MFI).
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2025-01-06 18:11