Bitcoin (BTC) continues its remarkable ascent, reaching a new all-time high of $111,800 on May 22, 2025. As the flagship cryptocurrency maintains its bullish momentum, prominent analyst Tony Severino forecasts an imminent surge to $120,000, citing key technical indicators and historical patterns.
Technical Analysis Points to $120K Bitcoin Target
Following Bitcoin’s historic surge past $110,000, which propelled its market capitalization above tech giants Amazon and Google, Severino’s analysis suggests the rally has more room to run. The crypto analyst identifies a crucial range breakout from $106,000 as the catalyst for a potential push to between $116,000 and $120,000.
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Historical Patterns Support Bullish Thesis
A significant technical development has emerged with BTC’s quarterly chart triggering a perfected TD9 Sell Setup. Severino notes this rare occurrence was last seen in Q4 2017, Bitcoin’s most bullish quarter historically, which preceded a 350% price surge. Veteran analyst Peter Brandt shares this optimistic outlook, projecting Bitcoin could reach $150,000 by August 2025.
Golden Cross Formation Signals Further Upside
Adding to the bullish narrative, analyst Titan of Crypto highlights an incoming golden cross formation, historically a powerful indicator of sustained upward momentum. The last occurrence of this pattern, where a death cross preceded a golden cross, triggered a significant rally.
Price Targets and Market Outlook
Current market indicators suggest multiple price targets:
- Immediate target: $116,000 – $120,000 (Severino)
- Extended target: $135,000 (Titan of Crypto)
- Maximum projection: $150,000 by August (Peter Brandt)
FAQ Section
What is driving Bitcoin’s current price rally?
The rally is supported by strong technical indicators, including the TD9 Sell Setup and incoming golden cross formation, combined with robust institutional demand through ETFs.
When could Bitcoin reach $120,000?
Based on current momentum and technical analysis, analysts suggest the $120,000 level could be reached within weeks, particularly if the range breakout pattern holds.
What are the key resistance levels to watch?
Primary resistance levels include $115,000, $120,000, and $125,000, with the ultimate near-term target at $150,000.
At press time, Bitcoin trades at $111,300, representing a 3% increase over the last 24 hours. The market maintains a strongly bullish stance as multiple technical indicators align for potential further upside.