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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Crypto Traders Split 50/50 On Where Bitcoin Price Goes Next: $6K or $4200

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

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At the start of April, Bitcoin rallied over $1,000 in the matter of an hour, giving crypto investors their first taste of bullish momentum since the start of 2019. The rally was enough to cause traders and analysts alike to call the bottom as “in” and claim that a new uptrend was confirmed.

However, breaking news last week that the New York Attorney General’s office is accusing Bitfinex of using Tether reserves to hid a loss of $850 million has caused much panic across the crypto space. The same traders that were once calling for Bitcoin to test resistance at $6,000, are now also calling for a retest of resistance turned support at $4,200, back where the early April rally began. And according to a new poll, crypto investors are now equally split as to where Bitcoin might head next: $6,000 or $4,200.

Poll Results Reveal That Bitcoin Traders Are Equally Split on Bitcoin Price Targets

Read any crypto community forum, group, or social channel and there is no shortage of crypto traders genuinely confused about the current price action, and which direction Bitcoin will go next.

After the longest bear market on record, recent Bitcoin and crypto investors have taken a beating, and have been conditioned to anticipate a fall in price following a rally. The market sentiment is normal following a bubble burst, and confirms the market is in what’s called the “disbelief” phase.

Related Reading | Bitcoin and Crypto Investors Are Torn Over Using Bitfinex After Accusation

The uncertainty surrounding Tether and Bitfinex, which could have have significant impact on the overall market integrity should the parent company of both becomes insolvent or is shut down the by New York AG’s office. The fears have stopped Bitcoin’s April rally in its tracks, and now crypto traders who were once bullish and calling for $6,000 are now suggesting that Bitcoin will need to retest resistance turned support at $4,200 before healthy upward movement can continue.

While most of the market was bullish, the market is now equally divided as to where Bitcoin price will go next. The sentiment can be visualized using a Twitter poll shared by crypto trader Bagsy, who asked the crypto Twitter community which of the two prices would come first: $4,200 or $6,000.

Which comes first for $BTC ?

— Bagsy (@Bagsy) April 28, 2019

Surprisingly, even with over 6,000 votes on the poll, respondents were equally split down the middle, with 50% voting on each option. With crypto traders so torn on price direction, one side of the argument is bound to be in for quite a shock when the price of the leading cryptocurrency goes counter to the direction of their choosing.

Related Reading | Next Big Move For Bitcoin Price: Will The Infamous Golden Cross Fakeout Strike Again?

The sentiment could also be viewed as positive, as prior to the recent Bitcoin rally, most bears were calling for sub-$3K prices as the Bitcoin bottom, but now even the most bearish of traders are warming up to the idea that the bear market has ended.

Featured image from Shutterstock
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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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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

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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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