Crypto Analyst: Higher High In Bitcoin Price Confirms Bear Market Bottom Is In

Tony "The Bull" Severino

6 years ago

3 mins read

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The recent price action in the world of cryptocurrencies is reminiscent of the 2017 crypto bull run that sent Bitcoin price skyrocketing and put the emerging asset class on everyone’s radar. After 2017, though, a long, painful bear market has ensued, resulting in a fall in value by as much as 85% or higher across most cryptocurrencies.

However, one crypto analyst believes that the recent Bitcoin price rally that closed with the first higher high in well over a year, confirms that the bear market bottom is in, and is expecting nothing but higher lows from here on out as the crypto market is resurrected.

Analyst: Bitcoin Bear Market Bottom Has Been Confirmed

Bulls and bears alike having been paying close attention to Bitcoin price charts, trying to determine if the December 2018 low was indeed the bear market bottom, or if Bitcoin will test new lows once again.

The most recent price rally was the most valiant effort yet by bulls, who for the first time since Bitcoin set its all-time high of $20,000 back in December 2017, painted a higher high on Bitcoin price charts. That higher high, according to one prominent crypto analyst, was the confirmation traders and investors everywhere were waiting for: a confirmation that the bottom is in.

The significance of the breakout was not new all time highs tomorrow, but a confirmation of the bottom – a higher high, no doubt to be followed by further higher lows. pic.twitter.com/b2vm0xbWZn

— dave the wave🌊🌓 (@davthewave) April 8, 2019

According to Dave the Wave, the long-term trend chartist says that the higher high was indeed confirmation that the bottom of the current bear market is in, and that a series of higher lows are expected in the coming months, until Bitcoin continues its ascent upward.

Above here, Bitcoin’s next major resistance will be around $6,000 – resistance that was formerly incredibly strong support that was repeatedly tested throughout the bear market. Due to how much price action occurred around the range, the resistance will be insanely powerful. However, should Bitcoin breach $6K, most of the market will consider the bear market to be over.

Analyst: Don’t Expect New All-Time Highs Tomorrow

While the analyst does appear confident in his assessment the bottom is in, he does warn investors not to expect new all-time highs “tomorrow.” If the current bear market plays out anything like the last one, Bitcoin should continue to range between here and the previous range for an extended accumulation period.

Resistance at $6,000 will be the key to Bitcoin resuming a bullish trend, as investors and traders will view a break of the important price level as a signal bearish sell pressure is dwindling and that buyers have resumed control.

From there, crypto investors expect that Bitcoin may some day reach hundreds of thousands, if not millions of dollars per BTC.

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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.

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.