Bitcoin Price Closes Above Bull Channel, Crypto Analyst Reveals What’s Next

by

As a seasoned analyst with over two decades of experience in financial markets under my belt, I find myself intrigued by the recent developments in Bitcoin’s price trajectory. Tony Severino’s analysis, particularly his prediction of a possible peak between $160,000 and $190,000, aligns with my own long-term outlook for the crypto market. However, I must caution that the near term remains uncertain, given the current retest of the median in the bull channel and the potential evening star pattern.

The Bitcoin price recently closed above the median in a bull channel, providing a bullish outlook for the flagship crypto. In line with this, crypto analyst Tony Severino provided insights into what could come next for Bitcoin. 

What Next For Price After Close Above Bull Channel

In a recent post, Tony Severino pointed out that the price of Bitcoin is currently being re-examined within its bullish trend channel’s median, and an “evening star” pattern is emerging on the graph, suggesting a possible price reversal might occur. He emphasized that Bitcoin is struggling to maintain its position above the $96,000 level, which could negate this potential sell signal if successful.

Should Bitcoin end its session below the midpoint, Tony Severino predicts a possible substantial drop towards the $90,000 price point. Conversely, if this midpoint remains intact, analyst Tony Severino anticipates Bitcoin to break through the upper channel and potentially reach beyond the $100,000 level.

According to Tony Severino’s analysis, the potential ceiling for this uptrend channel in Bitcoin’s price is estimated at $267,000. Yet, he’s not convinced that Bitcoin will reach this peak during the current bull run. Instead, Severino foresees a possible maximum between $160,000 and $190,000 for Bitcoin’s price, with a stronger prediction leaning towards the $160,000 mark as the potential market top.

The crypto expert noted that the golden ratio for Bitcoin could be around $160,000, making this potential goal more achievable. He further suggested that the price of Bitcoin might surge to $169,000 as it reaches its peak within this range. It’s important to note that Bitcoin is currently vulnerable to falling to the $90,000 level, having previously struggled to maintain its position above the median at the $96,000 price range.

The $94,000 Range Is Another Level To Watch

CrediBULL Crypto, a respected analyst in the cryptocurrency field, has pointed out another important price point for Bitcoin – around $94,000. He considers this critical level that needs our attention. In his view, as long as Bitcoin maintains its position above this level, it indicates a bullish trend across all timeframes. However, if Bitcoin falls below this level, it might trigger a substantial drop in price.

As an analyst, I’m sharing some insights based on CrediBULL Crypto’s recent statement. They suggest that if Bitcoin’s price falls below $94,000, it could signal a change in momentum and potentially trigger a larger correction, possibly pushing the price down to the $80,000 range. However, it’s worth noting that despite this potential correction, there seems to be a strong bullish sentiment among investors regarding Bitcoin’s future trajectory.

In a recent update on platform X, financial expert Ali Martinez noted that investors appear to be taking advantage of price drops by purchasing more Bitcoin. This observation was made as he disclosed that the number of traders holding long positions for Bitcoin has risen significantly, from 45.36% to 55.93%.

Currently, as I’m typing this, Bitcoin’s value is approximately $94,800 per unit. Over the past day, it has decreased by more than 3%. This information is derived from data provided by CoinMarketCap.

Read More

2024-11-26 19:34