Analyst Tony Severino asserts Bitcoin’s bull market remains valid unless it drops below $49,140. Bitcoin has corrected from a $109,000 peak, currently trading between $83,000 and $86,000. Market conditions show neutral sentiment with caution, and forecasts predict potential targets of $108,296 and $111,236 in the near term.
Crypto analyst Tony Severino has provided insights into the current state of the Bitcoin (BTC) market, asserting that the bull market remains strong unless Bitcoin’s price drops below a specified support level. After reaching a peak of $109,000 in January, Bitcoin experienced a significant correction, dropping to $74,000, indicating a decline of over 32.5%. Despite a recent price rebound in April, ongoing market uncertainty fuels speculation around the sustainability of the current bull cycle.
Severino highlights the $49,000 price level as crucial for Bitcoin’s market structure, suggesting that this zone is vital for determining the ongoing bull trend. Utilizing a weekly trading chart, he illustrates an ascending trendline that dates back to Q3 2023, characterised by increasing higher highs and higher lows. An ascending trendline showcases sustained buying pressure and indicates strong market demand, supporting the potential for continued price increases.
The presence of higher lows underlines the strength of this trend; a breach below previous higher lows could shift market sentiment. Severino’s chart places the last higher low at $49,140, marking this level as key support. A price fall beneath this threshold would likely negate the current bull run, thus initiating a new market cycle.
Currently, Bitcoin is in a consolidation phase, fluctuating between $83,000 and $86,000 over the past week as it seeks stability and experiences rising accumulation. With the US implementing a 90-day pause on new tariffs, the risk of a sharp decline appears minimal. Nevertheless, the potential for a breakout remains uncertain, as the market encounters resistance at $86,000 and $91,000.
At present, Bitcoin trades at $85,312, having recorded a 0.91% increase over the last 24 hours, while the trading volume surged by 19.77%, totalling $15.26 billion. Coincodex reports a neutral market sentiment; nonetheless, caution prevails, as reflected in a Fear & Greed Index reading of 37. Their forecasts suggest a bullish reversal, predicting Bitcoin could reach $108,296 within five days and $111,236 within a month, based on current market trends.
