Emily Walker
Crypto analyst Tony Severino has revealed that Bitcoin futures on the Chicago Mercantile Exchange (CME) have exceeded the $100,000 threshold, signaling a likely rise in market confidence and institutional engagement. With Bitcoin’s Relative Strength Index (RSI) surpassing 70, he suggests that Bitcoin has entered a bullish phase. Consequently, Severino anticipates a notable price surge for Bitcoin, potentially reaching new all-time highs shortly.
Potential for Bitcoin CME Futures to Rise to $174,000
Severino highlighted in a recent X (formerly Twitter) post that Bitcoin CME futures have broken the $100,000 barrier, representing a crucial achievement for the cryptocurrency. He shared a comprehensive chart showcasing Bitcoin CME futures’ prior performance, illustrating significant price gains that followed this milestone. Historical trends suggest that Bitcoin might experience a similar increase following the current rise in its CME futures.
The increase in CME futures has pushed Bitcoin’s weekly RSI above 70, signifying a move into the desirable “bull zone.” This technical indicator is pivotal in assessing price momentum, as an RSI above 70 typically points to strong upward movement and often precedes major rallies in Bitcoin’s price.
Severino’s analysis revealed three significant instances where Bitcoin CME Futures exceeded the $100,000 mark and its RSI was above 70, each followed by substantial price rises. In October 2023, Bitcoin surged by 59.76%, increasing by $3,546 to reach $51,000.
In a more recent comparison, February 2024 saw Bitcoin enjoy a dramatic gain of 76.08%, jumping by $6,486 to $75,000. Another impressive rally occurred in November 2024, with a 59.23% increase which lifted its value by $8,117, bringing it close to $110,000.
Taking past performances into account, Severino forecasts that Bitcoin could potentially see another rally ranging from 59% to 76%, aligning with previous bullish trends. This would position Bitcoin’s price between $158,000 and $174,000, paving the way for new all-time highs.
Bitcoin Inflow Index Shows Positive Momentum
As Bitcoin continues to gain traction in the cryptocurrency market, analysts note a significant uptick in essential technical indicators, hinting at an impending major price rally. Notably, Trader Tardigrade, a well-regarded crypto analyst, announced on X that Bitcoin’s daily Money Flow Index (MFI) is showing breakout behavior. This indicator measures the influx and outflow of capital within the cryptocurrency market, suggesting a rise in buying activity.
Currently, Bitcoin is valued at $99,552, edging closer to its previous $100,000 peak. With the recent positive movement in the cryptocurrency’s MFI, Trader Tardigrade anticipates that Bitcoin could experience a price increase reaching $132,000 by February 2025.