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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
bitcoin price

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Throughout much of 2018, support at $6,000 acted as the absolute Bitcoin price floor, with each time bears pushed the price of the first-ever crypto-asset down to the range, it would reverse and rally – only to stop short of ever setting a new higher high.

But in November, the unthinkable happened and took Bitcoin price down to the deepest depths of the bear market, finally reaching a bottom. Now, one crypto analyst says that they are expecting a “November 2018 style dump” to happen once the symmetrical triangle Bitcoin is currently in breaks down, and panic begins to ensue across the crypto market.

Bitcoin Price Breaking Below Triangle Could Trigger Mega-Dump

The bear market may long be an afterthought at this point, but that doesn’t mean that bears can’t once again get the best of bulls, who have exhausted most of the buying pressure during Bitcoin’s recent parabolic rally that topped out just before final bear market resistance.

The rejection at $13,800 has caused Bitcoin price to consolidate inside a multi-month symmetrical triangle, that based on current price action is at a very real risk of breaking down and sending the price per BTC plummeting.

Related Reading | Buyers Not Found: Bitcoin Price Back Below $10,000

According to one prominent crypto analyst, the leading crypto asset by market cap could experience a dump comparative to the November 2018 drop, if the symmetrical triangle that Bitcoin price is locked inside breaks down. Symmetrical triangles are typically continuation patterns but can break in either direction depending on price action and sentiment.

The analyst believes that the triangle will break down, because logic would have suggested that “if bulls were indeed in charge” price “would have broken $12K on August 8, 2019.”

August 8th was the most recent Bitcoin “top” or peak at roughly $12,250. It was again rejected there and rapidly fell back down to below $10,000, where it quickly rebounded to $10,900, before falling back below $10,000 once again.

What Does a November Style BTC Crash Look Like?

After this many trips to the $9,000 range, it’s only a matter of time at this point, according to the analyst, that the first-ever crypto asset will experience a fall similar to what occurred in November 2018.

Related Reading | Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000 

In November 2018, Bitcoin price fell from seemingly unbreakable support at $6,000 to roughly $3,200 before putting in what most are hopeful was the bear market bottom.

Now, Bitcoin price has once again rallied above $10,000 – an important price point said to spark much FOMO in the market – and a similar drop percentage-wise as the drop in November from $10,000 would take Bitcoin price back down to $5,400, where support at $6,000 that was flipped resistance, back into support, will be tested once again.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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