Bitcoin Holds Strong In ‘Wall Of Worry’, Path To $183,000 Remains Open – Analyst
The Bitcoin (BTC) market registered a powerful 4% value bounce on Friday, following dovish policy comments by US Federal Reserve Chairman Jerome Powell. The premier cryptocurrency now trades above $116,000, nullifying earlier losses seen prior to now week. Apparently, distinguished market analyst Tony “The Bull” Severino has outlined the implications of this value rebound concerning the BTC value trajectory.
Bitcoin’s Newest Bounce Revives Bullish Momentum – Worth Targets To Watch
In an X post on August 22, Severino explains that Bitcoin confirmed resilience in its value restoration on Friday by bouncing off the decrease boundary of a long-standing ascending channel, tagged because the “Wall of Fear.” Notably, this decrease boundary has acted as a key help zone for the main cryptocurrency, stretching way back to November 2023.
Following every bounce off this help, Bitcoin has popularly reached the higher boundary, elevating many expectations of a value surge at this second. In keeping with the channel evaluation, Severino reveals that the speedy technical goal lies on the median line round $144,000, representing a roughly 24% advance from present ranges.
Apparently, ought to bullish momentum persist, the subsequent main resistance zone would align close to the higher boundary of the channel at $183,000. Nevertheless, a decisive break beneath the ascending channel would invalidate the bullish construction, doubtlessly triggering a broader retracement towards the $95,000–$100,000 area.
Bitcoin Market Outlook
On the time of writing, Bitcoin trades at $115,641, reflecting a 3.21% achieve within the final 24 hours. This constructive efficiency is accompanied by a 38.78% achieve in every day buying and selling quantity, at present valued at $80.33 billion. Nevertheless, losses of 1.76% and 1.94% on the weekly and month-to-month charts point out that new market entrants are but to interrupt even.
In the meantime, crypto analyst Jordan Pivato is predicting the present market cycle to peak on October 21, 2025. This projection is predicated on historic information exhibiting that Bitcoin cycles have a tendency to increase barely longer with every iteration. Whereas the earlier cycle lasted 548 days, Pivato estimates the continuing one will span 550 days, putting the highest in late October.
He additional factors to Bitcoin’s sturdy seasonal efficiency in October as further help for his name. Traditionally, October has been Bitcoin’s most bullish month, logging positive factors in six of the previous twelve years and recording simply two dropping Octobers in that interval. On common, Bitcoin has delivered a 46.72% month-to-month achieve in October, with a median improve of 10.82%, making it essentially the most favorable month within the calendar yr for BTC efficiency.
