Bitcoin’s Path to $130K Explained by Piper Sandler’s Chief Technician
2024-11-21

Craig Johnson, Chief Market Technician at Piper Sandler, shared his market views in an interview on CNBC. His comments touched on Bitcoin’s momentum, sector performance trends, and key individual stocks, with all remarks reflecting his expert analysis.
Johnson described Bitcoin’s recent breakout as a bullish technical signal after months of consolidation. According to him, the cryptocurrency could see a rise to $130,000, based on technical analysis. Johnson noted that such a breakout often triggers additional buying momentum, suggesting more market participants may chase the upward trend. He said, “As a technician, we’re just looking for trend,” highlighting his reliance on charts to assess potential moves.
Post-election trends often favor small and mid-cap stocks, Johnson explained. He cited historical data, stating that these segments have outperformed the S&P 500 roughly 82% of the time between election day and year-end. Johnson projected this trend would continue through 2025, suggesting a shift in market leadership.
Johnson addressed NVIDIA’s muted stock reaction following its earnings report. He attributed the subdued performance to the high expectations already factored into the share price. Despite this, Johnson said that Piper Sandler’s top semiconductor analyst has raised projections for NVIDIA, viewing any short-term pullbacks as potential buying opportunities.
Discussing Target, Johnson pointed to ongoing pressures on the stock. He noted that the company’s shares have entered a price gap, which could drive the stock lower to about $113. Johnson mentioned that gaps like these tend to close, a technical observation signaling further downside risk.
When discussing market sentiment, Johnson noted that enthusiasm remains focused on high-flying stocks. However, he emphasized that only two of the so-called “Magnificent Seven” mega-cap stocks—NVIDIA and Meta—rank among the top 50 performers over the past two years. Johnson pointed out that other stocks, such as those in industrial sectors, have delivered stronger returns.
At the time of writing, Bitcoin has been trading at around $97,237, up 2.6% in the past 24-hour period.
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