Bitcoin Holds Strong In ‘Wall Of Worry’, Path To | Crypto News
The Bitcoin (BTC) market registered an spectacular 4% price bounce on Friday, following dovish coverage feedback by US Federal Reserve Chairman Jerome Powell. The premier cryptocurrency now trades above $116,000, nullifying earlier losses seen in the past week. Interestingly, outstanding market analyst Tony “The Bull” Severino has outlined the implications of this price rebound concerning the BTC price trajectory.
Bitcoin’s Latest Bounce Revives Bullish Momentum – Price Targets To Watch
In an X post on August 22, Severino explains that Bitcoin confirmed resilience in its price recovery on Friday by bouncing off the decrease boundary of a long-standing ascending channel, tagged as the “Wall of Worry.” Notably, this decrease boundary has acted as a key assist zone for the main cryptocurrency, stretching as far back as November 2023.
Following each bounce off this assist, Bitcoin has popularly reached the higher boundary, raising many expectations of a price surge at this second. According to the channel analysis, Severino reveals that the instant technical goal lies at the median line around $144,000, representing a roughly 24% advance from current ranges.
Interestingly, ought to bullish momentum persist, the next major resistance zone would align close to the higher boundary of the channel at $183,000. However, a decisive break below the ascending channel would invalidate the bullish construction, doubtlessly triggering a broader retracement toward the $95,000–$100,000 area.
Bitcoin Market Outlook
At the time of writing, Bitcoin trades at $115,641, reflecting a 3.21% gain in the last 24 hours. This constructive efficiency is accompanied by a 38.78% gain in daily trading quantity, at present valued at $80.33 billion. However, losses of 1.76% and 1.94% on the weekly and month-to-month charts point out that new market entrants are yet to break even.
Meanwhile, crypto analyst Jordan Pivato is predicting the current market cycle to peak on October 21, 2025. This projection is based on historic data exhibiting that Bitcoin cycles have a tendency to lengthen barely longer with each iteration. While the earlier cycle lasted 548 days, Pivato estimates the continued one will span 550 days, putting the top in late October.
He additional factors to Bitcoin’s strong seasonal efficiency in October as extra assist for his call. Historically, October has been Bitcoin’s most bullish month, logging beneficial properties in six of the past twelve years and recording just two shedding Octobers in that period. On average, Bitcoin has delivered a 46.72% month-to-month gain in October, with a median increase of 10.82%, making it the most favorable month in the calendar 12 months for BTC efficiency.
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