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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

Bitcoin Price Previous Bear Trend Could Predict Potential Price Action Ahead

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

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Bitcoin is at an interesting price point in its decade or so on the market. The first-ever crypto-asset designed by Satoshi Nakamoto is no longer in a bear market, but not yet in a bull market, as it has yet to set a new all-time high or break past the remaining bear market resistance.

That same bear market may help predict future price action, as a similar trend line has appeared at the top of the current rally that looks eerily similar to a trend line that kept Bitcoin from ever revisiting $20,000.

Bearish Trend Line Hasn’t Been Broken, But Bulls Are Ready For Action

Most crypto analysts, investors, and traders believe that Bitcoin has already started its next bull run. But bears have still managed to keep their presence known, and Bitcoin was rejected at $13,800 as a result. Since then, the leading crypto asset by market cap has struggled to retest previous local highs – the only remaining obstacle before the asset’s previous all-time high is retested next.

Related Reading | Bitcoin NVT Ratio: Top Predicting Signal Hits Highest Peak, Is a 50% Drop Ahead? 

The rejection and flash crash at $13,800 stopped Bitcoin just before it broke out of its bear market resistance, and has caused it to be restricted to a downtrend line that it is now brushing up against once again. 

A closer look. Previous parabola observed this line…. pic.twitter.com/ulJyHx046g

— dave the wave🌊🌓 (@davthewave) August 5, 2019

As noted by crypto analyst Dave the Wave, the current bearish downtrend line that Bitcoin can’t seem to get through appears to follow a path similar to the downtrend line following Bitcoin’s rejection at $20,000. 

Bitcoin Price Fractal Fails, But Trend Line Still Intact

The two parabolic rallies and tops have played out similarly, albeit with different price action despite similar downtrend lines. Bitcoin had been following a fractal of the 2018 bear market closely until bulls buying the dip stopped the price of BTC from falling further. In late 2017 into early 2018 downtrend, Bitcoin price formed an M-shaped double-top before an Adam and Eve bottom pattern ultimately failed. This time around, an Adam and Eve bottom is in the process of confirming but still needs to break past the aforementioned down trend line.

Same sideways movement seen before the second big dip…. pic.twitter.com/RgCjIDxKHI

— dave the wave🌊🌓 (@davthewave) July 30, 2019

If Bitcoin breaks through the down trend line here, bullish continuation and a retest of $13,000 is almost a given. Bitcoin will need to break through that resistance in order to have a clear runway for $20,000. Beyond that, a new all-time high and a bull market is in the cards.

Related Reading | “Golden” Bullish Bitcoin Price Signal: Are 5000% BTC Gains Ahead?

If Bitcoin is rejected here, it’ll fall back deep below the down trend line and could possibly retest lows below the $9,000 range it failed to break below the last time it visited. Further downside could jeopardize Bitcoin’s bull run foundation, and possibly cause an extended correction now that the parabolic rally has been broken.

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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