Bitcoin Price Closes Above Median in Bull Channel, Analysts Predict Next Moves
The Bitcoin price recently closed above the median in a bull channel, indicating a bullish outlook for the cryptocurrency. Analyst Tony Severino shared insights on potential future movements for Bitcoin.
Price Movements After Closing Above Bull Channel
In an X post, Severino noted that Bitcoin is retesting the median in the bull channel, with an evening star pattern forming, suggesting a possible reversal. He highlighted that Bitcoin must maintain above the $96,000 range to avoid a sell signal. A close below this median could lead to a significant downtrend towards the $90,000 range. Conversely, if the median holds, Bitcoin may rise above $100,000.
Severino set a target for the uptrend channel at $267,000 but does not anticipate reaching this level in the current bull run. He predicts a peak between $160,000 and $190,000, emphasizing $160,000 as a more likely market top due to the golden ratio being around this range. He also mentioned the possibility of rallying to $169,000. Currently, Bitcoin risks dropping to $90,000 after failing to hold the median at $96,000.
Monitoring the $94,000 Range
Analyst CrediBULL Crypto identified the $94,000 range as another crucial level for Bitcoin. He stated that BTC remains bullish across all timeframes while above this level; however, falling below it could trigger a significant downtrend. A break under $94,000 may indicate a momentum shift and a larger correction, potentially leading to a drop to the low $80,000 range.
Despite potential corrections, investor sentiment remains strong. Analyst Ali Martinez reported an increase in long positions among traders, rising from 45.36% to 55.93%.
As of now, Bitcoin is trading at approximately $94,800, reflecting a decline of over 3% in the last 24 hours, based on CoinMarketCap data.
