Bitcoin Price Breaks Below $12,000 As Crypto Market Bleeds Over $25 Billion

Tony "The Bull" Severino

6 years ago

3 mins read

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The crypto market has shed over $25 billion in value over the course of the afternoon hours, as Bitcoin price was rejected at $13,000, sending it quickly below $12,000, and is at risk of falling further now that the bullish momentum is waning. Altcoins have also been dropping like flies amidst the powerful Bitcoin move.

With the crypto market now uncertain about the direction, what’s next for Bitcoin price? And when might altcoins finally bounce and start bringing some much needed relief to HODLers of the alternative asset class?

Bitcoin Price Smashes Below $12,000, Is Below $11,000 Next?

Bitcoin price traded above $13,000 at the start of the day, but it may end it thousands of dollars below, now that Bitcoin’s bullish rally is in the first real jeopardy it’s been in since it first began back in April.

Throughout the 2019 parabolic rise in Bitcoin price, corrections have been shaken off without so much as a scratch for investors of the emerging digital asset class. But that all changed when Bitcoin approached $14,000, and it was violently rejected. Since then Bitcoin hasn’t been able to reclaim the important resistance point between it and all-time high.

Worse yet, on the way back up to make another reattempt at breaking above $14,000, Bitcoin was stopped short just above $13,000, sending it down well over $1,000 to a current price of below $11,800.

Altcoins Capitulate, Fueling BTC Collapse and Erasing $25 Billion in Market Cap

Shortly before Bitcoin price collapsed, altcoins began to break through their support floor that’s lasted since the start of 2018. Now the alternative assets are plummeting, and may have dragged Bitcoin and the rest of the total market cap with the rest of them.

Altcoins may not have bottomed the same way Bitcoin did back in December. While a strong bounce certainly occurred, bringing some hope that a new “alt season” was almost guaranteed. However, HODLers holding out for hope are being tested today as altcoins have dropped in value as much as 5-10% and more across the board.

The bleeding caused the total crypto market cap to have over $25 billion in value evaporated from it in the matter of a couple hours. The flight of capital initially was investors escaping falling altcoin prices, but once Bitcoin started dropping alongside alts, the real downward pressure began.

Altcoins have shown some signs of bouncing here, but may still have further to fall. In the past once altcoins bottomed, they vastly underperformed Bitcoin, so buying the blood in the streets here may be wise. Of course, the panic could ensue a lot longer than expected which would make buying here extremely dangerous, so exercise extreme caution if considering setting an order for any altcoins here.

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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.