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Bitcoin Bull Market Remains Intact Unless This Support Breaks - Analyst
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Bitcoin Bull Market Remains Intact Unless This Support Breaks – Analyst

Semilore Faleti
Semilore Faleti
1 month ago
2 mins read
Bitcoin

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Popular crypto analyst Tony Severino has shared a bold take on the current Bitcoin (BTC) market structure. The chartered market technician has stated that the Bitcoin bull market remains active unless the price falls below a specific level. 

Notably, Bitcoin saw a heavy correction after hitting a peak price of $109,000 in January. Over the last three months, the premier cryptocurrency has traded as low as $74,000, representing a devaluation of over 32.5%. Although there has been a notable price bounce in April, an ever-present market uncertainty means speculation remains abound on the viability of the present bull cycle.

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$49,000 As Key Price Level For Bitcoin – Here’s Why

In an X post on April 18, Severino has identified the $49,000 price region as the make-or-break zone for the Bitcoin market.  With the help of a weekly trading chart, Severino highlights that Bitcoin remains on an ascending trendline stretching as far back as Q3 2023. 

An ascending trendline represents a sustained uptrend in price action, typically confirmed by the formation of successive higher highs and higher lows. It typically demonstrates a persistent buying pressure and sufficient underlying demand, thus ensuring a prolonged price rally.

Generally, the higher lows reflect the strength of an ascending trend. Therefore, any fall below the previous higher low undermines the bullish momentum and indicates a likely change in market sentiment.

 

Bitcoin
Source: @TonyTheBullCMT on X

According to Severino’s chart, the last higher low on Bitcoin’s ascending trendline stands at $49,140. Therefore, this level represents a key support region, any price fall below which would invalidate the present bull run and signal a new market cycle. 

At the time of writing, Bitcoin remains in consolidation trading between $83,000 and $86,000 as seen over the past week. The market appears to be finding stability with accumulation now on the rise. 

Amid the US 90-day pause on new tariffs, the likelihood of a sharp downside catalyst is relatively low. However, the potential for a decisive price breakout remains uncertain, as broader market sentiment continues to face key resistance barriers at $86,000 and $91,000 price regions.

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Bitcoin Price Forecast

At press time, Bitcoin is trading at $85,312, reflecting a price gain of 0.91% in 24 hours. Interestingly, the asset’s trading volume is up 19.77% and valued at $15.26 billion.

According to price prediction firm Coincodex, market sentiment among investors is neutral. However, there remains a significant level of caution with the Fear & Greed Index standing at 37. In forecasting Bitcoin fortunes, Coincodex anticipates a full bullish market reversal with projections of $108,296 in five days and $111,236 in a month.

Bitcoin
BTC trading at $85,320 on the daily trading chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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