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Bitcoin price recently closed above the average in a bullish channel, providing a bullish outlook for the major cryptocurrency. In line with this, cryptoanalyst Tony Severino It provided insights into what could come next for Bitcoin.
What’s next for the price after closing above the bull channel?
In Post Evening star pattern It is forming on the chart, indicating a possible reversal. He noted that Bitcoin is struggling to stay above the $96,000 range, which could invalidate this sell signal.
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However, if Bitcoin closes below this intermediate range, Tony Severino warns that the price could register a significant downtrend to… $90,000 range. If this intermediate range holds, the cryptocurrency analyst expects Bitcoin to break into the upper channel above the $100,000 level.
Tony Severino revealed that the target for this uptrend channel is $267,000. However, he does not believe that Bitcoin price will reach this level in this uptrend. Instead, the cryptocurrency analyst expects Bitcoin to peak between $160,000 and $190,000, although Severino is more confident about the coin being first. Top of the market.
The cryptocurrency analyst added that the golden ratio is in the $160,000 range, making this target more feasible. He also raised the possibility of Bitcoin’s price eventually rising to $169,000 as it peaks in that range. Amid this analysis, it is worth noting that Bitcoin is currently at risk of falling to the $90,000 level, having failed to maintain the average at the $96,000 range.
The $94,000 range is another level to watch
Cryptographic analyzer credipool encryption It was recently suggested that the $94,000 range is another level to watch for Bitcoin price. According to him, this is the main level that matters. He claimed that BTC is bullish on all time frames as long as the major cryptocurrency stays above this level. However, if Bitcoin loses this level, it could lead to a major downtrend.
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CrediBULL Crypto stated that a break below $94,000 would signal a shift in momentum and a potential larger correction that could cause Bitcoin price to bottom out. $80,000 range. The positive is that investors are still very bullish on Bitcoin’s trajectory despite a potential price correction on the horizon.
Posted by X, Cryptocurrency Analyst Ali Martinez He mentioned that investors are buying the dip. This came when it was revealed that the percentage of all traders holding long positions in Bitcoin rose from 45.36% to 55.93%.
At the time of writing, Bitcoin is trading at around $94,800, down more than 3% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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