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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?

Poll Results: Two Thirds Of Bitcoin and Crypto Market Expect Bullish Continuation

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

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The first half of 2019 thus far has proven to be the perfect example of a market cycle flipping from bear to bull, complete with a disbelief rally that ended up being the real thing, taking the price of Bitcoin close to $10,000 – a significant number for the crypto that spent 2017 in the media limelight, only to suffer a catastrophic post-parabolic advance crash and retracement of over 80%. While Q1 was still firmly in the grasp of bears, once bulls saw their chance at the start of April there’s been no stopping the powerful rally since. The return to green candles has restored confidence amongst investors and the sentiment across the crypto market is the most bullish it’s been since the height of the crypto hype bubble.

In a new poll, that sentiment can clearly be observed as the overwhelming majority of respondents had a bullish outlook. Could this much bullish sentiment in the market help to push Bitcoin higher? Or should the bullishness be viewed as a powerful contrarian indicator that the near term “top” is in?

More Than Half of Crypto Investors Expect BTC to Rise Further

After the longest bear market on record, investors in Bitcoin and other cryptocurrencies have reason to rejoice as the digital asset class finally climbs up out of the depths of the declines of 2018, and have since doubled and nearly tripled in value since the “bottom.”

Such a parabolic rally as what’s been seen in Bitcoin price charts in recent months is nothing short of impressive. Once the asset breached resistance at $4,200, sky has been the limit, easily besting what many expected to be impervious resistance at $6,000, $7,000, $8,000 – distinct levels price was traded extensive at during much of the bear market. The power and speed of the advance has turned even the most bearish bullish.

Related Reading | Crypto Analyst: Bitcoin Price Forming Symmetrical Triangle, 60% Chance of Continuation 

A new poll shows that more than half – as much as two-thirds – of crypto investors believe Bitcoin’s rally hasn’t yet run out of steam, and will continue to reach closer and closer towards $10,000, or $9,600 – a key price level crypto analyst Josh Rager underscores as a poll option.

https://twitter.com/josh_rager/status/1132696485819232256?s=12

On the other side of the poll options is a “breakdown” to “at least $6,400. Even this prediction isn’t inherently bearish, as most agree that this portion of the market cycle is “buy the dip” territory. Such a “breakdown” would also likely be viewed as bullish, so long as that support zone holds.

If Bitcoin were to break lower than $6,400 – investors who FOMO bought on the way up may panic sell and the bear market may come back for round two. A break of $9,600 on the other hand could easily have Bitcoin testing $10,000 from there.

Related Reading | CME Futures Gaps Hint Bitcoin Price is Headed to $18,000 Or Higher

Should Bitcoin breach $10,000, $11,700 might the real nail in the bear market coffin and confirmation of bull market, as it’s the price level where the bear market began from a price action standpoint. It could also be an important FOMO trigger.

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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

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The highest standards in reporting and publishing
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