Crypto analyst Tony Severino has disclosed that Bitcoin Chicago Mercantile Exchange (CME) futures have crossed the $100,000 mark, indicating a potential increase in market sentiment and institutional interest. With the cryptocurrency’s Relative Strength Index (RSI) above 70, the analyst asserts that Bitcoin may have entered a bull zone. As a result, he predicts a significant price increase for Bitcoin, with the potential to break through to new ATHs soon.
Bitcoin CME Futures To Trigger Rise To $174,000
Severino announced that Bitcoin CME futures has surpassed $100,000, marking a new milestone for the leading cryptocurrency. In an X (formerly Twitter) post, the analyst shared a detailed price chart illustrating past performances of Bitcoin CME futures, highlighting key percentage gains in the price of Bitcoin following the CME’s rise above $100,000. Given these historical trends, Severino predicts that BTC could see a comparable price increase with the recent rise in its CME futures.
Interestingly, the rise in Bitcoin CME futures has triggered the weekly RSI above 70, signaling the entrance of the coveted “bull zone.” The RSI is a technical indicator that measures the momentum of an asset’s price. Typically, an RSI value above 70 signals powerful upward momentum, often leading to bullish movements. Moreover, a surge in this indicator has historically preceded major price rallies in BTC.
Severino’s chart has shared three past instances when Bitcoin CME Futures exceeded $100,000, and its RSI surpassed 70, highlighting remarkable gains that followed these surges. In October 2023, the analyst observed that BTC saw a 59,76% price rally, with an increase of $3,546, bringing its value to $51,000.
Similarly, in February 2024, the leading cryptocurrency experienced a more substantial price surge of 76.08%, increasing its value by $6,486 to $75,000. Later, BTC saw another impressive price rally of 59.23% in November 2024, leading to an $8,117 price increase and pushing it close to the $110,000 mark.
Based on these past performances, Severino predicts that Bitcoin could experience another rally of 59% to 76% if it follows the same bullish pattern. This would reinforce the analyst’s optimistic outlook, potentially driving Bitcoin’s price within the range of $158,000 to $174,000, setting new all-time highs.
BTC Inflow Index Breaks Out
As Bitcoin demonstrates renewed strength in the crypto market, analysts have observed a surge in key technical indicators, suggesting that a significant price rally may be on the horizon. Trader Tardigrade, a prominent crypto analyst, has disclosed on X that BTC’s daily Money Flow Index (MFI) is currently breaking out. This technical indicator measures the flow of capital into and out of a cryptocurrency, signaling a potential increase in buying pressure.
As of this writing, Bitcoin is trading at $99,552, steadily approaching its previous $100,000 price high. Given the recent uptick in the cryptocurrency’s MFI, Trader Tardigrade predicts that BTC could experience a price surge to $132,000 by February 2025.
Featured image created with Dall.E, chart from Tradingview.com
