Bitcoin has once again demonstrated its resilience, rebounding with a notable 4% price increase last Friday, following dovish comments from US Federal Reserve Chairman Jerome Powell. The leading cryptocurrency, trading above $116,000, has managed to erase previous losses from the past week, sparking renewed optimism among investors.
The Bullish Case for Bitcoin
Tony “The Bull” Severino, a well-regarded market analyst, highlights the significance of Bitcoin’s latest price surge. According to Severino, this bounce is not just a random spike but a calculated move along the lower boundary of a long-standing ascending channel. Dubbed the “Wall of Worry,” this channel has been a crucial support zone for Bitcoin since November 2023. Severino elaborated in an X post on August 22, noting, “Bitcoin’s ability to recover off this key support is remarkable and suggests a potential retest of the channel’s upper boundary.” This analysis aligns with recent projections that Bitcoin won’t go below $100K this cycle, as discussed in Bitcoin won’t go below $100K ‘this cycle’ as $145K target remains: Analyst.
The technical landscape, Severino argues, is promising. The immediate target stands at the median line of the channel, around $144,000, marking a potential 24% increase from the current price levels. If this bullish momentum holds, Bitcoin could soon test the upper boundary resistance near $183,000. However, Severino warns of potential pitfalls: a break below the ascending channel could see Bitcoin tumbling towards the $95,000–$100,000 range, invalidating the bullish outlook.
Historical Trends and Market Dynamics
As of today, Bitcoin is trading at $115,641, having gained 3.21% over the past 24 hours. The surge has been accompanied by a 38.78% spike in daily trading volume, which now stands at a hefty $80.33 billion. Despite this short-term success, Bitcoin is still grappling with a 1.76% and 1.94% decrease on the weekly and monthly charts, respectively, indicating that newer market participants are still waiting for a return on investment.
Crypto analyst Jordan Pivato presents an intriguing timeline for Bitcoin’s market cycle, predicting it to peak on October 21, 2025. His forecast is rooted in historical patterns, which suggest that Bitcoin cycles incrementally extend over time. The current cycle, he estimates, will last 550 days, slightly longer than its predecessor. Pivato adds that October has historically been Bitcoin’s most favorable month, with the cryptocurrency often logging significant gains during this period. This sentiment is echoed in VanEck’s optimistic outlook, as detailed in VanEck’s $180K Bitcoin Price Target Boosts Hype Around Bitcoin Hyper.
Looking Ahead
As we approach the latter part of the year, the cryptocurrency market remains in a state of flux. While Severino’s analysis provides a bullish blueprint, the road to $183,000 is fraught with challenges. Investors will need to keep a keen eye on macroeconomic factors and market sentiment, which could influence Bitcoin’s trajectory.
Moreover, the volatile nature of cryptocurrencies means that nothing is set in stone. The market’s unpredictability raises questions about whether Bitcoin can maintain its upward momentum or if a correction looms on the horizon. As the clock ticks towards the much-anticipated October peak, traders and analysts alike will be watching closely, eager to see if Bitcoin can defy the odds once more.
In this complex and ever-evolving landscape, Bitcoin’s journey is far from over—there’s plenty more to unfold in the months ahead.
Source
This article is based on: Bitcoin Holds Strong In ‘Wall Of Worry’, Path To $183,000 Remains Open – Analyst
Further Reading
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- Bitcoin price charges to $116K as Fed's Powell hints at interest-rate cut
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
