The Bitcoin price recently closed above the median in a bull channel, generating a positive outlook for the cryptocurrency. Analyst Tony Severino explores potential outcomes for Bitcoin’s price. He highlights the current retesting of the median in the bull channel, with a concerning evening star pattern indicating a possible reversal.
If Bitcoin maintains its position above the $96,000 range, it could suppress this negative signal. Alternatively, a drop beneath this median may precipitate a downturn towards $90,000. Conversely, sustaining the median might propel Bitcoin into ascending towards the upper channel over $100,000.
While Tony Severino disclosed a target of $267,000 for the uptrend channel, he remains cautious, estimating Bitcoin's peak to occur between $160,000 and $190,000. More confident in the former figure, he identifies the $160,000 range as a feasible target due to its alignment with the golden ratio.
There’s a risk of Bitcoin descending toward $90,000 amid struggles to hold the $96,000 median level. Analyst CrediBULL Crypto identifies $94,000 as a crucial figure, emphasizing bullishness if Bitcoin stays above it.
If Bitcoin slips below $94,000, a momentum shift is anticipated, possibly dropping its price to the low $80,000 range. However, sentiment remains upbeat as investments in Bitcoin show bullish trends despite looming corrections.
