The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range . This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. However, some bullish proponents are still noting that Bitcoin’s price trajectory remains bullish as technical indicators continue to signal upward momentum. Crypto analyst Tony “The Bull” Severino highlighted a key observation on social media platform X, focusing on Bitcoin’s monthly stochastic indicator to suggest that Bitcoin’s bullish momentum is far from exhausted. Monthly Stochastic Above 80 Signals Strong Momentum Bitcoin’s waning bullish sentiment has continued into the last 24 hours, with the Crypto Fear And Greed Index now pointing to neural sentiment among crypto market participants. However, this shortfall of greed/bullish sentiment might not necessarily translate to a looming downturn in the Bitcoin price, according to technical analysis. Crypto analyst Tony Severino pointed out that Bitcoin’s monthly stochastic oscillator, which is a tool used to measure market momentum, is still above the 80 level for bullish momentum. This indicates strong upward momentum, as the stochastic staying above this threshold historically aligns with significant price rallies. Interestingly, history shows that Bitcoin’s hold above this 80 level on the stochastic oscillator has always led to the continuation of the price rally. This trend is evident in the 2017, 2020, and January 2024 bull rallies, where Bitcoin bounced upwards multiple times on the 80 level and went on substantial upward moves each time. As such, the current ability to sustain this level shows that Bitcoin’s uptrend is still on track even after recent market fluctuations. Doji Candlestick Patterns Supports Bitcoin Price Continuation Another key observation from Severino’s analysis is the repeated occurrence of doji candlesticks in the Bitcoin price chart during its defense of the 80 level on the stochastic indicator. The 2017, 2020, and 2024 retests were highlighted by the formation of a doji candle during this period. Notably, these doji candlesticks were formed over the monthly candlestick timeframe, revealing the indecision dragged on for a few weeks, much like the current price action. As it stands, Bitcoin’s price action between the $90,000 and $100,000 levels has led to the emergence of a doji on the monthly timeframe to complement the outlook of a price bounce on the stochastic indicator. The indecision reflected in this doji candlestick suggests that Bitcoin has yet to make a definitive move, with the options being either a significant breakout above $100,000 or a downturn below $90,000. At the time of writing, Bitcoin is trading at $97,000 and is up by 2% in a 24-hour timeframe. In a previous technical analysis, Tony Severino highlighted $178,000 as a potential price target for Bitcoin.
