Over the past four weeks, Bitcoin‘s price has had difficulty surpassing $100,000 permanently and instead has mostly moved between $90,000 and $100,000. This recent dip in price and sluggish activity have sparked a sense of pessimism among traders, leading some to predict that the current Bitcoin cycle may have peaked already.
Despite some voices suggesting otherwise, certain optimistic observers believe that Bitcoin’s price trend remains positive due to ongoing technical signals pointing upwards. Notably, crypto analyst Tony “The Bull” Severino emphasized on social media platform X that Bitcoin’s monthly stochastic indicator indicates that its bullish surge may still have a lot of steam left.
Monthly Stochastic Above 80 Signals Strong Momentum
Over the past day, Bitcoin’s positive outlook seems to have weakened, as indicated by the Crypto Fear and Greed Index showing a neutral mood among crypto investors. It’s important to note that this decrease in greed or bullishness might not automatically signal an impending drop in Bitcoin’s value, based on technical analysis.
According to cryptocurrency expert Tony Severino, the monthly Stochastic Oscillator of Bitcoin, a device utilized to gauge market movement intensity, remains over 80 – a bullish sign. This high position suggests robust upward momentum because, in the past, when the Stochastic has stayed above this threshold, it’s often been associated with substantial price surges.
It’s worth noting that when Bitcoin has maintained its position above the 80 mark on the stochastic oscillator, it has consistently fueled price increases in the past. This pattern can be seen during the bull rallies of 2017, 2020, and early 2024, where Bitcoin surged multiple times at this level and experienced significant upward movements each time. Given that Bitcoin is currently holding its ground at this level, it suggests that its uptrend remains robust despite recent market turbulence.
Doji Candlestick Patterns Supports Bitcoin Price Continuation
A significant finding from Severino’s examination is that doji candlesticks frequently appeared in the Bitcoin price chart when it was safeguarding the 80 level on the stochastic indicator. The tests in 2017, 2020, and 2024 were marked by the emergence of a doji candle during this time. It’s worth mentioning that these doji candles were created over the monthly candlestick timeframe, suggesting that uncertainty persisted for several weeks, similar to the ongoing price trend.
Currently, Bitcoin’s price fluctuations between $90,000 and $100,000 have given rise to a doji on the monthly chart. This doji, a type of candlestick pattern, suggests uncertainty about Bitcoin’s next move. It could either surge past $100,000 in a significant breakout or drop below $90,000 in a downturn, according to the indicative bounce on the stochastic indicator.
Currently, Bitcoin is being bought and sold at approximately $97,000, representing a 2% increase over the past day. Previously, analyst Tony Severino predicted that Bitcoin could potentially reach $178,000 based on his technical analysis.
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2025-01-15 18:42