Bitcoin Price Closes Above Bull Channel, Crypto Analyst Reveals What’s Next
Bitcoin price recently closed above the bull channel midline, providing a bullish outlook for the flagship cryptocurrency. Accordingly, cryptocurrency analysts Tony Severino Provides insights into what’s next for Bitcoin.
What’s next for price after closing above the bull channel?
Tony Severino mentioned in the X post that Bitcoin price is now retesting the mid-point of the bull channel, evening star pattern formed on the chart, hinting at a potential 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, Tony Severino warned that if Bitcoin closes below this mid-range, the price could see a significant downward trend. $90,000 range. If this mid-range range holds, cryptocurrency analysts expect Bitcoin to break out of the upper channel above the $100,000 level.
Tony Severino revealed that the target for this ascending channel is $267,000. However, he does not believe that Bitcoin prices will reach this level during this bull run. Instead, cryptocurrency analysts predict that Bitcoin could peak between $160,000 and $190,000, although Severino is more confident in the former. market top.
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 an eventual rebound to $169,000, as the price peaked in this range. In this analysis, it is worth mentioning that Bitcoin is currently at risk of falling to $90,000, failing to keep the median within the $96,000 range.
The $94,000 range is another level to watch
cryptocurrency analyst CrediBULL cryptocurrency It has recently been shown that the $94,000 range is another level to watch for Bitcoin price. According to him, this is an important critical level. He claimed that BTC is bullish on all time frames as long as the flagship cryptocurrency remains above this level. However, if Bitcoin loses this level, it could lead to a significant downward trend.
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CrediBULL Crypto says a break below $94,000 would signal a momentum shift and a potential larger correction that could send Bitcoin prices to the lows $80,000 range. On the positive side, investors remain very bullish on Bitcoin despite an impending price correction.
In X post, crypto analyst Ali Martinez Mention investors buying the dip. He revealed that the proportion of all traders holding long Bitcoin positions has increased from 45.36% to 55.93%.
According to statistics, as of this writing, Bitcoin price is about $94,800, down more than 3% in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
