Crypto Trader: Bitcoin Price May Not Break All-Time High Until 2024

Tony "The Bull" Severino

5 years ago

3 mins read

bitcoin all time high crypto fibonacci sequence

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Bitcoin price is currently top of mind with most traders and financial analysts after the crypto asset made its third-largest ever one-day gain since its inception this past week.

The powerful move has once again renewed discussion around Bitcoin’s all-time high, in regard to what the price may be, and when it may occur. However, one prominent crypto trader who has made a number of accurate calls in the past believes that Bitcoin will not set a new all-time high for another five years.

Bitcoin All-Time High Coming In October 2024 According To Fibonacci Sequence

Almost two years ago, Bitcoin set its all-time high at the height of the crypto hype bubble, at a price of $20,000 per BTC. Since then, it’s gone through a painful bear market, and fallen to a low of $3,100 – an over 80% retracement from its peak to trough.

This year, Bitcoin made its first real attempt at setting a new record and brought savvy and risk-tolerant investors who bought the bottom as much as 350% gains at the latest local peak. But once Bitcoin reached $14,000, it was violently rejected, putting a damper on any talk of new a new all-time high being set for this year.

Still, crypto investors are holding out hope for Bitcoin’s upcoming halving in May 2020 to bring the asset to a new record high. Even a highly cited Bitcoin stock-to-flow model is suggesting that Bitcoin will be at least $55,000 per BTC around the time the halving takes place early next year.

However, another theory has emerged, and one that is steeped in mathematics. One prominent crypto trader who has made a number of successful calls – even calling for a blow-off top in early June and suggesting NEO would be among the first altcoins to explode in the aftermath – claims that Bitcoin will not set a new all-time high until 2024.

$BTC needed:
👉625 days to break 2011 ATH
👉1245 days to break 2013 ATH
👉It's been only 680 days since ATH of 2017

Think about it for a sec…
Remember Fibonacci?

625 + 625 = 1250!
1250 + 1250 = 2500 – 680 = 1820 day left.

🎯 October 2024@BTC_JackSparrow think level. 🧠 pic.twitter.com/50Ec0GFQ3p

— MAXi. (@888Velvet) October 29, 2019

The analyst’s theory is based on Fibonacci sequence. Fibonacci numbers form a sequence in which each number is the sum of the preceding number, and the analyst is applying this idea to attempt to determine when Bitcoin will set its next all-time high.

According to the trader, it took Bitcoin 625 days to break above the all-time high of the 2011 bull market peak. Then it took another 1250 days to break above the all-time high set during the 2013 bull run.

Interestingly, the sum of 625 plus 625 is 1250, adding credence to the trader’s theory that each new all-time high is set at double the length of time from the previous high. Fibonacci sequence would then suggest that the current all-time high of $20,000 will not be broken until 2500 days have passed, or not until October 24, 2024.

While it may seem like an eternity ago at this point, Bitcoin reached $20,000 only 680 days ago, meaning there is still roughly 70% left to go before Bitcoin sets a new record price per BTC if the theory is correct.

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.

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.