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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

deVere CEO: ETF, Lightning, and Halving Drive Recent Bitcoin Rally

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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After taking a brutal beating throughout much of 2019 thus far, Bitcoin made its largest green one-day candle of the year this past week, providing the market with a much needed relief rally.  Bitcoin’s price rose on Friday over $350 before bouncing off overhead resistance in the cryptocurrency’s current trading range.

CEO of independent financial consultancy firm deVere Group Nigel Green says that the move might be the start of a “considerable Bitcoin surge” stemming from one of three main factors behind this recent rally, but that it is still too soon for investors to begin celebrating.

deVere CEO: History Shows Halving Causes “Considerable Bitcoin Surge”

Following the break of support at $6,000, the crypto market has been deeply entrenched in despair as Bitcoin and other leading cryptocurrencies struggle to find their price bottom. Investors have been burned, and the strain on the industry has caused many companies to begin laying off employees as interest and capital flees the market.

Related Reading | Crypto Analyst Expects Strong BTC Bounce, MACD Signals Bottom

However, Bitcoin’s price woes may be coming to an end, and if history repeats itself, it could lead to a “considerable Bitcoin surge,” according to deVere Group CEO Nigel Green.

Green points to the upcoming “halving” in 2020 – an event that reduces the block reward miners receive for validating transactions by 50% – as a potential catalyst that ends the current crypto bear market.

“The code for mining Bitcoin halves around every four years and the next one is set for May 2020. When the code halves, miners receive 50 per cent fewer coins every few minutes.  History shows that there is typically a considerable Bitcoin surge resulting from halving events,” Green explained.

Litecoin’s halving is due this year, and was the first altcoin to break key resistance and helped to lead the crypto market rally that brought Bitcoin a 10% gain this past Friday, lending credence to Green’s claims. Green, however, says there are two other factors behind Bitcoin’s recent rally.

ETF and Lightning Two Other Key Factors Behind Recent Spike

Green also believes that a recent comments made by SEC commissioner Robert J. Jackson Jr. in which he states a Bitcoin ETF will “eventually” be approved may have given investors renewed confidence in the number 1 crypto by market cap.

Additionally, Green calls attention to recent developments in the second-layer protocol Lighting Network, which he says will “dramatically improve Bitcoin’s well-documented scalability issues, allowing it to move towards mass adoption.” Lightning Network, along with a potential ETF approval and the upcoming halving event are the “three key drivers” behind Bitcoin’s recent rebound, according to deVere.

Related Reading | SEC Commissioner Asks Gov’t to Amend Regulation For Crypto ETF, ICOs

But before investors begin to celebrate the end of the bear market, Green warns that the price was only able to reach the top of the trading range, and that “investors should not be popping champagne corks just yet.”

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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.

Read more

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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