Bitcoin recently hit a new all-time high of $111,000, but not everyone’s celebrating. Crypto expert Tony “The Bull” Severino thinks this record might be more smoke and mirrors than genuine bullish momentum.
A Closer Look at the Breakout
Severino points out a crucial flaw: the breakout to $111,814 wasn’t confirmed across various trading pairs. While Bitcoin hit a new high against the US dollar, it didn’t do the same against other major currencies like the Euro, British Pound, Japanese Yen, and Swiss Franc. Even against gold (BTC/XAU), Bitcoin’s price is significantly lower than its previous peak.
Dollar Weakness, Not Bitcoin Strength?
This discrepancy suggests the price surge might be due to a weakening US dollar, not inherent Bitcoin strength. A real bullish breakout, Severino argues, would show strength across multiple currencies and assets.
Chart Patterns Confirm the Skepticism
Severino’s analysis of Bitcoin charts across different currencies reinforces his concerns. Many show lower highs, meaning Bitcoin isn’t consistently breaking its previous records. For example, Bitcoin’s price in Euros and Japanese Yen is still below its previous peaks. Similar patterns appear in the Swiss Franc and British Pound pairings.
What’s Next for Bitcoin?
Severino cautions against getting carried away by the new all-time high. He emphasizes that a single breakout, especially one lacking confirmation from other markets, doesn’t guarantee a sustained bull run. He suggests watching the May and June monthly candle closes for clearer direction. A bearish tilt could signal a larger correction. At the time of writing, Bitcoin is trading around $104,850, showing some recovery after a recent dip.
