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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Don’t Change The Channel! Why Bitcoin Could Target $42K If Uptrend Holds

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin channel

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Bitcoin, the world’s largest cryptocurrency by market cap, has traded at or near $30K per coin for the better part of 2023.

Throughout the year, an uptrend channel has formed that is currently still holding. If support remains unbroken, it could propel BTCUSD to the top of the parallel channel which is currently located at or around $42K per coin.

A Bitcoin Price Channel For Your Viewing Pleasure

2023 might not have featured the same painful drawdowns in Bitcoin and other cryptocurrencies as 2022 did, but the market is still doling out suffering in the form of boring, sideways price action, and crypto winter PTSD.

Although BTCUSD has mostly been ranging around the $30,000 level for months now, it has overall remained in an uptrend. Uptrends are defined as a series of higher highs and higher lows.

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Oftentimes, these uptrends are supported by drawing a trend line below intraday troughs. Depending on the price action, occasionally a parallel channel will form, providing both support and resistance on either end, keeping an uptrend from moving upward too quickly despite the general trajectory.

Such a parallel uptrend channel has formed in Bitcoin, and if the upward-sloping support trend line continues to stay solid and intact, a move to the top of the channel is likely.

bitcoin channel

Will the channel hold or break down? | BTCUSD on TradingView.com

Tune In To Find Out What Happens Next In Crypto

The channel began to form in late 2022, acting first as an upward-sloping support line that broke down during the FTX collapse. Bitcoin price then meandered sideways until a new, parallel upward-sloping support carried it higher. With the previous support now acting as resistance, it created the upper boundary of the parallel channel that price is now ping-ponging back and forth within.

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If the current uptrend structure holds this latest selloff, a push to the upper resistance boundary is possible. As time ticks by, this upper boundary will reach $42K within the next week or two. If Bitcoin does indeed make a run for the upper boundary, this price is within striking distance by early August.

On the other hand, if the channel breaks down, it could be a sign the uptrend is over and short-lived. Failure to produce a meaningful rally could tell the market that the downtrend has resumed, and new lows are ahead.

Tony is the author of the CoinChartist (VIP) newsletter. Subscribe for free here. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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