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Bitcoin price recently closed above the median in a rising channel, providing a bullish outlook for the flagship crypto. In the same spirit, the crypto analyst Tony Severino provided a glimpse of what could happen next for Bitcoin.
What’s next for price after closing above the bullish channel
In an article X, Tony Severino mentioned that Bitcoin price is now retesting the median of the upward channel, with a evening star pattern forming on the chart, suggesting a potential reversal. He noted that Bitcoin is fighting to stay above the $96,000 range, which could invalidate this sell signal.
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However, if Bitcoin closes below this middle range, Tony Severino warns that the price could register a significant downtrend towards the $90,000 range. If this middle range holds, the crypto analyst expects Bitcoin to break through 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 during this bull run. Instead, the crypto analyst predicts that Bitcoin could peak between $160,000 and $190,000, although Severino is more confident about the former. the top of the market.
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 rally back to $169,000 as it peaks in this range. In the midst of this analysis, it is worth mentioning that Bitcoin is currently at risk of falling to $90,000, having failed to maintain the median at $96,000.
The $94,000 range is another level to watch
Crypto analyst CrediBULL Crypto recently suggested that the $94,000 range is another level to watch for Bitcoin price. According to him, it is the key level that counts. 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 said a break below $94,000 would indicate a change in momentum and a potential larger correction that could send Bitcoin price to its all-time low. $80,000 range. The positive is that investors remain very optimistic about the trajectory of Bitcoin despite a potential price correction on the horizon.
In a post Ali Martinez mentioned that investors were buying the dip. This came as he revealed that the percentage of all traders with long Bitcoin positions increased from 45.36% to 55.93%.
At the time of writing, the price of Bitcoin is trading at around $94,800, down more than 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
