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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Monthly Bitcoin Lows Demonstrate How Strong The Next Bull Market Will Be

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin price crypto bull run

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From the moment 2019 began, Bitcoin has been on a steady rise upward. And while it began as a slow trickle, the crypto asset soon after starting moving like a rocket.

Eventually, that rocket ship took a pit stop to refuel and has been consolidating in a tight trading range. However, Bitcoin price has failed to set any new lows. It’s those lows that help demonstrate just how powerful the current bull run is, and how it will easily eclipse what was seen in 2017 at the height of the crypto hype bubble.

Bitcoin’s Next Bull Run Will Make 2017 Mania Look Weak By Comparison

Last week, Bitcoin price closed out the week well below $10,000, yet the current price of the crypto asset is now well above it at roughly $10,600. Bears were unable yet again to push Bitcoin price to new monthly lows.

Related Reading | Crypto Analyst: Bitcoin Price Drop Below $10,000 Was a Bull Trap 

The lack of Bitcoin price setting new monthly lows and each monthly low only increasing month over month, according to one prominent crypto analyst, shows the world just how powerful the next bull run will be, and how the 2017 widely-publicized meteoric rise will pale in comparison.

https://twitter.com/misir_mahmudov/status/1168988268303663105?s=12

The comments were shared by economist Misir Mahmudov, who also added that the 2019 bullish rally thus far is “just the beginning” of a “store of value in the making.”

Being a store of value is just one of the many narratives around Bitcoin and what it will ultimately become. The store of value narrative came to light during the early stages of the 2016-2017 bull run as more and more crypto investors turned to holding the asset for the long term, versus using it as the transactional currency it was originally intended to be.

And while the store of value narrative can very much coexist with many of the other narratives, such as the crypto-asset becoming the global currency for the internet, the main narrative that has been driving much of the bullish momentum thus far has been the Bitcoin as a safe-haven narrative.

Bitcoin’s built-in scarcity always made it a deflationary asset designed as a hedge against traditional finance and the banks and governments that are bringing the world to the brink of a major recession. But with a recession almost all but a guarantee, Bitcoin has begun to show its true colors, and has been rising alongside other safe-haven assets like gold.

Related Reading | Bitcoin Price Following 2016 Bull Market Reaccumulation Pattern

The two assets have been tightly correlated, rising and falling together throughout 2019. Crypto pundits like Peter Schiff continue to criticize the emerging financial asset for its use as a safe-haven asset next to gold, and says that while gold is starting the next major bull run, Bitcoin’s current rally is nothing more than a sucker’s rally.

However, given Mahmudov’s bullish statements on Bitcoin, Schiff is likely to be proven wrong over the course of the next year as Bitcoin’s bull run takes shape.

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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

Ad discliamer

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