Bitcoin recently broke above a key resistance level, sparking debate about what’s next for its price. Let’s dive into the predictions from some prominent crypto analysts.
Tony Severino’s Outlook
Analyst Tony Severino shared his thoughts on X (formerly Twitter). He pointed out Bitcoin is currently retesting a key support level around $96,000. A potential “evening star” pattern on the chart suggests a possible price reversal.
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If Bitcoin stays above $96,000: Severino anticipates a move towards the upper channel resistance, potentially exceeding $100,000. His ultimate target for this bull run is a lofty $267,000, but he’s more realistic, predicting a peak between $160,000 and $190,000 (favoring $160,000). The golden ratio aligns with this $160,000 target, adding weight to his prediction. A possible rally to $169,000 isn’t ruled out.
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If Bitcoin falls below $96,000: A significant drop to the $90,000 range is possible, according to Severino.
Another Key Level to Watch: $94,000
Analyst CrediBULL Crypto highlighted another crucial support level: $94,000. As long as Bitcoin remains above this price, he sees a bullish outlook across all timeframes. However, a break below $94,000 could trigger a larger correction, potentially pushing Bitcoin down to the low $80,000s.
Investor Sentiment Remains Bullish
Despite the potential for a correction, investor sentiment remains positive. Analyst Ali Martinez noted on X that the percentage of traders holding long Bitcoin positions has increased significantly, from 45.36% to 55.93%. This suggests many investors are buying the dip.
Current Market Situation
At the time of writing, Bitcoin is trading around $94,800, down over 3% in the last 24 hours. The market is clearly watching these key support levels closely.
