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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Inverted Bitcoin Price Chart Is Bear Market Bottom Flipped Upside Down

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
inverted bitcoin price chart

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During periods of times when assets consolidate and price action becomes exceptionally confusing, some crypto analysts will occasionally flip their Bitcoin price charts upside down in an to attempt to remove any preconceived bias from their technical analysis.

One prominent crypto analyst has done just that, and Bitcoin’s current price action in inverse appears visually and structurally similar to the December 2018 bear market bottom, which could suggest that the current price action is a rally top and a powerful drop may be coming in the days ahead.

Inverse Bitcoin Price Chart Similar to Bear Market Bottom, Drop To Follow?

Bitcoin price currently trading under $10,000 on the same day that Bakkt launches is confusing crypto investors and traders who were certain that the launch of the Bitcoin futures trading platform would reignite Bitcoin’s bull run and finally take the crypto asset out of its current trading range.

Adding to the confusion and outright boredom in Bitcoin markets, he first-ever crypto asset has been trading in an increasingly tightening trading range, that has very little room left for upside or downside movement without a breakout of the structure in either direction.

Related Reading | Low Volatility Bitcoin Price Action: Decision Time Is Near, Powerful Move Incoming 

The lack of a clear trend direction has caused trading volume to drop off and volatility to reach lows not seen since April 2019 when the current rally first began, or the December 2018 bear market bottom.

https://twitter.com/josh_rager/status/1175940823445364737?s=21

One prominent crypto analyst has found yet another similarity to the December 2018 bear market bottom, but only when the current Bitcoin price chart is flipped upside down. In an inverse Bitcoin price chart shared by crypto analyst Josh Rager, the current price action when flipped upside down is playing out very similarly – albeit not perfectly – as the December 2018 bottom.

If the pattern confirms with a powerful downward movement, the 2019 Bitcoin rally may be over, and the crypto asset may fall back down to retest former bear market lows to confirm them as resistance turned support. Downside targets rest at roughly $8,500, $7,500, and even $6,000 – support that acted as such throughout most of the bear market, before massive drop occurred in November 2018, leading to the bear market bottom.

Related Reading | Bitcoin Price Fractal From 2017 Peak Suggests Deep Drop is Coming

It’s not at all uncommon to see crypto analysts sharing price charts for Bitcoin and altcoins that are upside down. Even the most experienced traders realize that their analysis could be influenced by other analysts or their own bias toward an asset.

Given the fact that even the most bearish crypto analysts in the short-term still expect Bitcoin price to reach a value of $100,000 to $1 million per BTC, it can be difficult for even the most stoic of crypto analysts to remove that bias from their technical analysis, which is why flipping charts upside down can be so effective.

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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.

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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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