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bitcoin price recently closed above the median in a bullish channel, providing a bullish outlook for the flagship cryptocurrency. In line with this, the crypto analyst <a target="_blank" href="https://bitcoinist.com/bitcoin-whales-remain-determined-3-96-billion-worth-of-btc-gobbled-up-in-96-hours/” rel=”nofollow”>Tony Severino provided insight into what could happen next for bitcoin.
What's next for the price after closing above the bullish channel?
In an x post, Tony Severino mentioned that bitcoin price is now retesting the median in the bullish channel, with a <a target="_blank" href="https://bitcoinist.com/bitcoin-evening-star-btc-bulls-still-shine/” rel=”nofollow”>evening star pattern forming on the chart, hinting at a possible 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, if bitcoin closes below this midrange, Tony Severino warns that the price could register a significant downtrend at the end. <a target="_blank" href="https://bitcoinist.com/bitcoin-to-hit-90k-if-trump-wins-analysts/” rel=”nofollow”>$90,000 range. If this mid-range holds, the crypto analyst expects bitcoin to enter the upper channel above the $100,000 level.
Tony Severino revealed that the target of this uptrend channel is $267,000. However, he does not believe that the price of bitcoin will reach that level in this bull run. Instead, the crypto analyst predicts that bitcoin could peak between $160,000 and $190,000, although Severino is more confident that the former will be <a target="_blank" href="https://bitcoinist.com/bitcoin-bull-run-market-top/” rel=”nofollow”>the top of the market.
The crypto analyst added that the golden ratio is in the $160,000 range, making this target more feasible. He also raised the possibility that bitcoin price could eventually rise to $169,000 when it peaks in this range. In the midst of this analysis, it is worth mentioning that bitcoin is currently at risk of falling to this $90,000, having failed to maintain the median in the $96,000 range.
The $94,000 range is another level to watch
Cryptographic analyst <a target="_blank" href="https://bitcoinist.com/crypto-analyst-bullish-on-ethereum-and-xrp/” rel=”nofollow”>CrediBULL crypto recently suggested that the $94,000 range is another level to watch for bitcoin price. According to him, this is the key level that matters. He stated that btc is bullish on all time frames as long as the flagship cryptocurrency stays above this level. However, if bitcoin loses this level, it could trigger a major downtrend.
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CrediBULL crypto stated that a break below $94,000 will indicate a change in momentum and a possible larger correction that could cause bitcoin price to drop to the bottom. <a target="_blank" href="https://bitcoinist.com/bitcoin-price-will-touch-80000/” rel=”nofollow”>$80,000 range. The positive is that investors still seem very optimistic about bitcoin's trajectory despite a possible price correction on the horizon.
In a post x, crypto analyst Ali Martinez He mentioned that investors are buying the dip. This came as he revealed that the percentage of all traders long positions in bitcoin increased from 45.36% to 55.93%.
At the time of writing, bitcoin price is trading at around $94,800, down more than 3% in the last 24 hours, according to <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
