Recent analyses from cryptocurrency expert Tony Severino suggest a potentially strong turn for Bitcoin (BTC) prices. While he sees a notable bullish trend, he also raises concerns about a potential decline, indicating that Bitcoin could dip below $100,000.
BTC’s Technical Indicators Show Promise Amid Uncertainty
In a recent tweet, Tony Severino highlighted the significant indicators surrounding Bitcoin, particularly the weekly Chikou span, which appears to display a promising trajectory for the cryptocurrency’s price. He observed that the recent pattern depicts a retest of critical support levels, signaling that there is minimal overhead resistance to overcome. Additionally, the crossover of the Tenkan-sen and Kijun-sen lines suggests bullish momentum.
Though Severino notes that the Kijun-sen’s movement remains relatively stable, he emphasizes that Bitcoin’s current price is positioned favorably above these technical spans, making a bullish case for the digital asset. However, the analyst acknowledges the potential for Bitcoin to retreat to approximately $95,000 this week, underscoring the unpredictable nature of the market.
In recent days, Bitcoin’s price has shown significant volatility impacted by geopolitical developments, including tensions between Israel and Iran. On June 17, the cryptocurrency’s value plummeted to around $103,000 as reports emerged of the US potentially escalating military involvement, which stoked fears in the market and sent Bitcoin’s value spiraling downward.
Moreover, the upcoming Federal Open Market Committee (FOMC) meeting is contributing to the uncertainty surrounding Bitcoin’s price action. Current CME FedWatch data indicates a strong majority anticipate the Fed will keep interest rates steady. Still, many investors are keenly awaiting comments from Fed Chair Jerome Powell, looking for signals on future rate cuts. The ongoing Middle Eastern conflict is causing an uptick in oil prices, potentially leading to renewed inflationary pressures that could delay such cuts.
Critical Support Levels for Bitcoin
In a different analysis, crypto strategist Titan of Crypto emphasized the importance of sustaining Bitcoin’s price above the pivotal support level of $104,149, which could facilitate a rebound. He pointed out that Bitcoin recently touched a significant Ichimoku support. Titan noted that Bitcoin is now testing the Kumo cloud, where its thickness suggests robust support may exist.
On the other hand, analyst Kevin Capital cautioned investors to remain vigilant as long as Bitcoin’s price lingers below $106,800 during 3-day and weekly closing intervals. He referenced previous failed breakouts as indicative of a potential plateau for Bitcoin, though did not provide a specific target for a downward move.
Currently, the price of Bitcoin stands around $105,500, reflecting a decline of nearly 2% within the past day, according to data obtained from CoinMarketCap.
