Crypto analyst Tony Severino thinks Bitcoin’s bull market is still alive, but it’s hanging by a thread.
A Crucial Support Level
Bitcoin took a big hit after reaching a high of $109,000 in January, dropping as low as $74,000. While it’s bounced back a bit, there’s still a lot of uncertainty. Severino says the key level to watch is $49,000.
Why $49,000 Matters
Severino points to a chart showing Bitcoin’s price on an upward trend since the third quarter of 2023. This upward trend is marked by higher highs and higher lows. If Bitcoin falls below the last “higher low” of around $49,140, it would break this trend, signaling a potential end to the bull market.
Current Market Conditions
Right now, Bitcoin is trading between $83,000 and $86,000. There’s some stability, and buying seems to be increasing. The recent pause on new US tariffs reduces the risk of a sudden price crash. However, there’s still resistance around $86,000 and $91,000.
Price Predictions
At the time of writing, Bitcoin is trading at around $85,312. Trading volume is up, but investor sentiment is mixed, leaning towards cautious optimism. Some predictions suggest Bitcoin could reach $108,296 in five days and $111,236 in a month. However, these are just predictions, and the market is highly volatile.
