$120K Bitcoin Rally? Crypto Rover’s Chart Breaks It Down

Crypto influencer Crypto Rover has just released a chart postulating a huge surge for Bitcoin with an eventual peak at $120,000. As per his technical analysis, BTC’s price is showing great signs of recovering and moving upwards. By studying past price bounces and support levels, Crypto Rover considers that Bitcoin could follow a bullish trajectory similar to previous cycles. This is in tune with several other analysts predicting a six-figure Bitcoin value by the end of the next major bullish cycle. 

The next push higher is to $120k for #Bitcoin pic.twitter.com/e72eU6O8aD

— Crypto Rover (@rovercrc) October 10, 2024

Key Bounces and Trajectory

Crypto Rover’s chart focuses on Bitcoin’s price action, particularly the DEMA, which has historically served as a critical support level during bull runs. The chart shows multiple instances where Bitcoin’s price bounced off this moving average, signaling that the market is respecting this level as a strong point of support.

1. Key Bounce Points:
   • The chart highlights three significant bounce points where Bitcoin rebounded off the DEMA:
     • Early 2023: Bitcoin’s initial recovery began with a strong bounce that set the tone for the next rally.
     • Mid-2023: Another bounce off the DEMA confirmed this level as a reliable support, reinforcing the bullish trend.
     • Current Bounce: In late 2024, Bitcoin has once again respected this level, indicating the possibility of a continued rally.
2. Projected Path:
   • The chart projects a steep upward trajectory, suggesting that if Bitcoin maintains its current trend and respects the DEMA, it could reach $120,000. The logic follows Bitcoin’s previous behavior where consistent support at key levels led to substantial price growth.
   • Crypto Rover emphasizes that if Bitcoin stays above the DEMA and continues to bounce off it, a bullish breakout similar to those seen in past cycles could materialize.
3. Resistance Levels:
   • While the path to $120,000 appears optimistic, the chart also hints at potential resistance levels that Bitcoin must overcome. The $65,000 to $70,000 range is highlighted as a critical point that Bitcoin needs to breach to confirm a larger move upward.

Other Analysts Who See a $120K Rally

Crypto Rover isn’t alone in his bullish prediction. Several other prominent analysts and institutions have also forecasted Bitcoin reaching $120,000 or higher:

• Standard Chartered: In their mid-year outlook, Standard Chartered bank projected Bitcoin could reach as high as $120,000 by the end of 2024. They attribute this rise to increased institutional adoption and Bitcoin’s safe-haven appeal amidst economic uncertainty.
• Fidelity Digital Assets: Analysts at Fidelity suggested in their quarterly report that Bitcoin’s trajectory could lead it past the $100,000 mark, with $120,000 as a feasible target based on its past halving cycles and the expanding Bitcoin ETF market.
• PlanB’s Stock-to-Flow Model: Bitcoin analyst PlanB, known for his popular stock-to-flow model, continues to support the idea that Bitcoin could hit six figures in the next phase of its cycle. He predicts that Bitcoin could even surpass $120,000 if market conditions align favorably post-halving in 2024.

These forecasts illustrate a growing consensus among various market analysts and financial institutions. With several factors, such as increased institutional interest, favorable regulatory developments, and macroeconomic uncertainty, the predictions of a $120,000 BTC rally are gaining traction.