The Bitcoin price has spent the past few days struggling to recover from its sharp breakdown below $100,000, a move that rattled traders and briefly pushed the crypto market into one of its weakest phases in many months. Bitcoin’s price action has hovered in the mid-$90,000 range since the drop, but the past 24 hours have been highlighted by a break below $90,000. In the middle of this bearish volatility, a new technical outlook from Tony “The Bull” Severino suggests that Bitcoin’s next move may be more bullish than the recent weakness implies. A Death Cross Forms During The Bitcoin Price Downtrend Tony’s analysis highlights the developing death cross on the daily timeframe, where the 50-day moving average is now bending down toward the 200-day moving average. The pattern is generally viewed as bearish, but the placement of the moving averages and the slope of the short-term line show something different unfolding on Bitcoin’s chart. Related Reading: Here’s Why The Ethereum Price Is Crashing Again, Can It Breach $3,000? The green 50-day average has been gradually drifting lower after weeks of fading momentum, and the red 200-day average has begun flattening out from the long-term uptrend. As shown on the chart below, this death cross has formed around $110,000, and according to the analyst, Bitcoin might pump into this price level next week. The reason a pump remains possible at this stage is tied directly to how moving averages behave. After the breakdown beneath $100,000, Bitcoin found support just below $92,000 and has since been forming a series of smaller-bodied candles that reflect the early stages of a potential reversal. If buyers take control, a fast move toward the region between $103,000 and $110,000 becomes realistic. However, price action in the past 24 hours, which has seen Bitcoin break below $90,000, threatens this bullish outlook. Bitcoin Price Chart. Source: @TonyTheBullCMT On X The Path To $110,000 This Week For Bitcoin to reach $110,000 in the coming days, the market would need to replay a pattern seen several times in past cycles: a strong relief rally just before or immediately after a death cross forms. These rallies happen because sentiment becomes overly pessimistic at the exact moment when shorts begin to pile in, leaving the price vulnerable to a sharp upside reaction. However, for that scenario to unfold now, Bitcoin would first need to push convincingly back above $90,000 and show that momentum is shifting away from the recent sell-off. Related Reading: This Analyst Called The Bitcoin Crash Below $20,000 In 2021, He’s Back With A Shocking Prediction For Solana Interestingly, other analysts have pointed to bullish primers for Bitcoin, despite the bearish price action. One such case is the Bitcoin SSR RSI, which was highlighted by a CryptoQuant community analyst called Maartunn, that shows rising stablecoin buying power relative to Bitcoin’s market cap. On the other hand, a bearish indicator has risen up with the SuperTrend indicator, which proposes a further 67% drop in the price of Bitcoin. At the time of writing, Bitcoin is trading at $89,760, down by 5.8% in the past 24 hours. Featured image created with Dall.E, chart from Tradingview.com
