Crypto Analyst: Bitcoin Price Could Be Trapped in Tight Range Until Halving

Tony "The Bull" Severino

5 years ago

3 mins read

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Bitcoin price action has turned bullish in anticipation of its upcoming halving since the start of 2019, and the leading crypto asset by market cap has only recently started to take a pause to consolidate on weekly price charts.

Weekly resistance at $11,500 continues to play an important price level to beat, while bears have been unable to push below the mid-$9,000 range. One crypto analysts believe that the two price levels will act as a tight trading range on weekly price charts for the rest of the year and may not be broken until Bitcoin’s halving in May 2020.

Bitcoin Price Could Be Locked In $2,000 Range For Rest of 2019

In recent weeks, Bitcoin price was rejected at $13,800 after a three-month-long parabolic rally, and since then it has been ranging and consolidating. The market has, again and again, tried to choose a direction but indecision has kept Bitcoin price ranging between recent local highs and lows.

It’s something that crypto investors and traders may want to get used to, as it could last the rest of the year, and extend into 2020 until Bitcoin’s halving in May of next year.

According to a weekly Bitcoin price chart shared by a prominent crypto analyst, the first-ever cryptocurrency could be trapped in a tight trading range between weekly resistance at $11,500 and weekly support at $9,500. The chart suggests that BTC could be locked in the range until Bitcoin’s halving. Others believe that Bitcoin price could be as much as $55,000 by that time.

BTC Weekly:

Range bound until the halving? pic.twitter.com/1HooowmAtP

— Nunya Bizniz (@Pladizow) August 10, 2019

The theory would fall in line with Bitcoin entering a reaccumulation phase and natural profit-taking, following post-accumulation markup selling, but before the real bull run begins.

Alternative BTC Range With Wider Weekly Resistance and Support

BTC and other crypto-assets are highly volatile and often see massive, few-hundred and even few-thousand dollar price movements. By raising weekly resistance to the next logical level, and doing the same for support, a more realistic and less restrictive trading range is demonstrated.

Both charts would still have Bitcoin price trading in a range for the remainder of the year through halving, but would also allow for a deeper correction and touch of a trend line extending back to Bitcoin’s bottom trading range below $4,000.

At those lows, Bitcoin price was trading in a $1,000 trading range, but at that point represented over 25% of its price. At current prices, 25% of its price would be roughly $2,750 adding further credence to the tight trading range in the first chart as the market continues to show indecision.

If either of the major weekly supports or resistances are broken with a weekly candle close, the wider range could be in play. Or, none of this happens and Bitcoin price reaches $55,000 according to other widely adopted models in circulation.

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.

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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.