Analyst Tony Severino indicates that Bitcoin’s bull market is valid as long as it holds above the $49,000 support level. Following a significant price retracement, Bitcoin is currently stabilising between $83,000 and $86,000. Market sentiment reveals caution, with forecasts suggesting possible upward price movement in the coming weeks.
Tony Severino, a noted cryptocurrency analyst, asserts that the Bitcoin bull market remains intact unless its price drops below a critical threshold. The analysis follows a significant price correction after Bitcoin reached an all-time high of $109,000 in January, subsequently trading as low as $74,000, marking a decline of over 32.5%. Although there was a rebound in April, uncertainty looms over the sustainability of this bullish phase.
Severino pinpointed the $49,000 level as crucial for Bitcoin’s continued uptrend. Utilising weekly trading charts, he noted that Bitcoin is on an ascending trendline that began in Q3 2023. This trendline, characterised by sequential higher highs and higher lows, indicates ongoing buying pressure. Should Bitcoin breach the previous higher low at $49,140, it would suggest a shift in market sentiment and invalidate the current bullish momentum.
Presently, Bitcoin is consolidating between $83,000 and $86,000, exhibiting a period of stability and rising accumulation. External factors, such as the US’s pause on new tariffs for 90 days, further minimise downside risks. Nonetheless, significant resistance is observed at the $86,000 and $91,000 price levels, complicating any potential price breakouts.
As of now, Bitcoin trades at $85,312, representing a daily gain of 0.91%, coupled with a 19.77% increase in trading volume to $15.26 billion. Coincodex, a price forecasting service, describes the investor sentiment as neutral while the Fear & Greed Index indicates caution at 37. They predict a bullish market reversal, estimating potential prices of $108,296 in five days and $111,236 within a month.
