Bitcoin’s price has been struggling to recover after a sharp drop below $100,000, which unsettled traders and briefly weakened the crypto market. Since then, it has hovered in the mid-$90,000s, but in the last day, it fell below $90,000. Amid this downturn, analyst Tony “The Bull” Severino suggests a more optimistic outlook may be ahead.
Tony points to a “death cross” forming on the daily chart, where the 50-day moving average is declining toward the 200-day average. Typically seen as bearish, this pattern shows a different story in Bitcoin’s case. The 50-day average has been slowly declining due to fading momentum, while the 200-day average is leveling off after a long uptrend. This death cross occurred around $110,000, and Tony believes Bitcoin could rally to that level next week.
This potential surge is linked to how moving averages work. After dropping below $100,000, Bitcoin found support near $92,000 and has since shown signs of a possible reversal with smaller price movements. If buyers step in, a quick rise to between $103,000 and $110,000 is possible. However, the recent dip below $90,000 casts doubt on this positive scenario.
For Bitcoin to hit $110,000 soon, it would need a strong rebound similar to past cycles, often triggered by overly negative sentiment and a buildup of short positions. But first, Bitcoin must reclaim $90,000 and show momentum shifting away from selling pressure.
Other analysts also see reasons for optimism despite the bearish trend. For example, the Bitcoin SSR RSI indicates increasing stablecoin buying power relative to Bitcoin’s market cap. On the flip side, the SuperTrend indicator warns of a potential 67% further decline.
Currently, Bitcoin is trading at $89,760, down 5.8% over the past day.
Frequently Asked Questions
Of course Here is a list of helpful and clear FAQs about the potential for Bitcoins price to surge to 110000
BeginnerLevel Questions
1 Why is everyone saying Bitcoin could hit 110000 this week
This is typically due to a combination of factors like positive news increased institutional investment or a major technical analysis pattern suggesting a big price move Its important to know these are predictions not guarantees
2 What exactly is Bitcoin
Bitcoin is a digital currency that operates on a decentralized network called a blockchain Its not controlled by any government or bank and it allows for peertopeer transactions
3 What does price surge mean
A price surge is a rapid and significant increase in the value of an asset like Bitcoin over a short period
4 Is it a good idea to buy Bitcoin right now hoping for this surge
This is very risky Buying based on a price prediction can lead to significant losses if the surge doesnt happen Its better to view Bitcoin as a longterm investment and only invest money you are willing to lose
5 Where can I even buy Bitcoin
You can buy Bitcoin on online platforms called cryptocurrency exchanges Some popular and userfriendly ones include Coinbase Kraken and Binance
Advanced Practical Questions
6 What specific factors could actually drive such a rapid price increase
Key drivers could include
Institutional Demand A major company or ETF buying a large amount of Bitcoin
Macroeconomic Factors A weakening US dollar or rising inflation fears
Regulatory Clarity Positive news from a major government regarding cryptocurrency regulation
Market Sentiment FOMO Widespread optimism and Fear Of Missing Out can create a buying frenzy
7 What is the Halving and how does it affect the price
The Halving is a preprogrammed event that cuts the reward for Bitcoin miners in half It reduces the rate at which new Bitcoins are created and historically it has led to price increases due to a lower supply of new coins
8 What are the biggest risks of trying to profit from this prediction
Volatility The price could just as easily crash as it could surge