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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 insight into what could happen next for Bitcoin.
What next for price after closing above Bull Channel
In an X post, Tony Severino said that Bitcoin price is now retesting the median in the bull channel, with a evening star pattern is forming on the map, indicating a possible reversal. He noted that Bitcoin is fighting to stay above the $96,000 range, which could negate this sell signal.
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However, if Bitcoin closes below this median range, Tony Severino warns that the price could see a significant downside trend. Range of $90,000. If this average range continues, the crypto analyst expects Bitcoin to break 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 think Bitcoin price will reach that level during this bull run. Instead, the crypto analyst predicts that Bitcoin could peak between $160,000 and $190,000, although Severino is more confident in the former. the market top.
The crypto analyst added that the golden ratio is in the $160,000 range, making this goal more achievable. He also raised the possibility that the Bitcoin price could eventually rise to $169,000 as it peaks within this range. Amid this analysis, it is worth mentioning that Bitcoin is currently at risk of falling to this $90,000, having failed to keep the median at $96,000.
The $94,000 range is another level to keep an eye on
Crypto analyst CrediBULL Crypto recently suggested that the $94,000 range is another level to watch for the Bitcoin price. According to him, this is the key level that matters. He claimed that BTC is bullish on all time frames as long as the flagship crypto remains above this level. However, if Bitcoin loses this level, it could lead to a significant downtrend.
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CrediBULL Crypto stated that a break below $94,000 will indicate a momentum shift and a potentially bigger correction that could lead to the Bitcoin price falling to the lows. Range of $80,000. On the bright side, investors are still very optimistic about Bitcoin’s trajectory despite a potential price correction on the horizon.
In an X-post, crypto analyst Ali Martinez said investors are buying the dip. This came as he revealed that the percentage of all traders with long positions in Bitcoin has increased from 45.36% to 55.93%.
At the time of writing, the Bitcoin price is trading around $94,800, down more than 3% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
