crypto analyst Tony Severino has revealed that Chicago Mercantile Exchange (CME) bitcoin futures have surpassed the $100,000 mark, indicating a potential rise in market sentiment and institutional interest. With cryptocurrencies <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/bitcoin-weekly-rsi-entering-power-zone-last-time-btc-soared-80/amp/” rel=”nofollow noopener” target=”_blank”>Relative Strength Index (RSI) above 70, analyst claims bitcoin may have <a target="_blank" href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-100k/amp/” rel=”nofollow noopener” target=”_blank”>entered a bullish zone. As a result, he predicts a significant rise in bitcoin price, with the potential to reach new ATHs soon.
bitcoin CME futures to spark surge to $174,000
Severino announced that <a target="_blank" href="https://www.newsbtc.com/news/bitcoin/bitcoin-cme-chart-2023/amp/” rel=”nofollow noopener” target=”_blank”>CME bitcoin Futures has surpassed $100,000, marking a new milestone for the leading cryptocurrency. In an x (formerly twitter)<a target="_blank" href="https://x.com/tonythebullbtc/status/1876092818390974673?s=46″ rel=”nofollow” target=”_blank”> mailThe analyst shared a detailed price chart illustrating the past performance of CME bitcoin futures, highlighting key percentage gains in the <a target="_blank" href="https://www.newsbtc.com/analysis/btc/bitcoin-price-eyes-gains-96k/amp/” rel=”nofollow noopener” target=”_blank”>bitcoin price following the rise of the CME above $100,000. Given these historical trends, Severino predicts that btc could see a price increase comparable to the recent rise of its CME futures.
Interestingly, the rise of CME bitcoin futures has triggered the <a target="_blank" href="https://www.newsbtc.com/news/bitcoin-overheating-first-time-ever-before-halving/amp/” rel=”nofollow noopener” target=”_blank”>Weekly RSI above 70signaling the entrance to the coveted “bullish zone”. The RSI is a technical indicator that measures the price momentum of an asset. Typically, an RSI value greater than 70 <a target="_blank" href="https://www.newsbtc.com/news/bitcoin-bullish-momentum-reignites-rsi-signals-potential-surge-to-65000/amp/” rel=”nofollow noopener” target=”_blank”>indicates a powerful bullish momentumwhich often leads to bullish movements. Furthermore, an increase in this indicator has <a target="_blank" href="https://www.newsbtc.com/news/why-overbought-bitcoin-could-trigger-a-107-rally/amp/” rel=”nofollow noopener” target=”_blank”>historically preceded major price rallies in btc.
Severino chart has shared three past instances where bitcoin CME Futures surpassed $100,000 and its RSI surpassed 70, highlighting notable gains that followed these increases. In October 2023, the analyst noted that btc saw a price rally of 59.76%, rising to $3,546, raising its value to $51,000.
Similarly, in February 2024, the leading cryptocurrency saw a more substantial price surge of 76.08%, increasing its value by $6,486 to $75,000. Later, btc experienced another impressive price rally of 59.23% in November 2024, leading to a price increase of $8,117 and bringing it closer to the $110,000 mark.
Based on these past performances, Severino predicts that bitcoin could <a target="_blank" href="https://www.newsbtc.com/analysis/btc/bitcoin-price-climbs-98k/amp/” rel=”nofollow noopener” target=”_blank”>experience another rally from 59% to 76% if it follows the same bullish pattern. This would reinforce the analyst's bullish outlook, potentially driving bitcoin price within the $158,000 to $174,000 range, establishing <a target="_blank" href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-mirroring-2023/amp/” rel=”nofollow noopener” target=”_blank”>new all-time highs.
btc inflow rate breaks
As bitcoin demonstrates renewed strength in the cryptocurrency market, analysts have noted a <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/bitcoin-to-enter-final-bull-phase-key-indicator-hints-at-major-price-movement/amp/” rel=”nofollow noopener” target=”_blank”>increase in key technical indicatorssuggesting that a significant price rally may be on the horizon. Trader Tardigrade, a prominent crypto analyst, has<a target="_blank" href="https://x.com/tatrader_alan/status/1875816011502645457?s=46″ rel=”nofollow” target=”_blank”> revealed on x, the btc daily Money Flow Index (MFI) is currently breaking out. This technical indicator measures the capital flow in and out of a cryptocurrency, indicating a possible increase in buying pressure.
At the time of writing, bitcoin is trading at $99,552, steady. <a target="_blank" href="https://www.newsbtc.com/news/bitcoin/crypto-analyst-says-bitcoin-price-at-a-critical-point-whats-happening/amp/” rel=”nofollow noopener” target=”_blank”>approaching its previous price of $100,000 high. Given the recent rally in the cryptocurrency's IMF, Trader Tardigrade predicts that btc could see a price surge to $132,000 by February 2025.
Featured image created with Dall.E, chart from Tradingview.com
