Crypto Investors Torn On If A New Bitcoin Bottom Is Realistic

Tony "The Bull" Severino

5 years ago

3 mins read

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The leading crypto asset by market cap, Bitcoin, is once again trading in the low $7,000 range after taking a short trip below the level to as low as $6,500 before rebounding to the current price of $7175.

With Bitcoin now retesting former lows as support, the chance of the first-ever cryptocurrency setting a new bear market low is a reality that crypto investors may need to face, however, the market is torn as to whether that outcome is a realistic one or not.

Crypto Investors Split On Bitcoin Bottom Being In

Financial markets, like the cryptocurrency space, are driven by a number of dynamics including fundamentals, technicals, and even the emotional state of the investors making up the market.

In the crypto market, hype and speculation are the primary drivers of price and perceived value. This gives Bitcoin and other cryptocurrencies their notorious price volatility as sentiment swings back and forth in either direction.

The market has long been convinced that Bitcoin had bottomed back in December 2018, resulting in a powerful breakout in April 2019 that took the price of Bitcoin up over 350% to as high as $14,000 from the $3,100 low.

But now that Bitcoin is once again trading as low as $6,500 – prices not seen since the 2018 price floor that eventually gave way, taking Bitcoin to its bottom at $3,100 – crypto investors are now once again wondering if the bottom is actually in, and if lows under $3,000 are a realistic expectation or not.

According to a Twitter poll shared by ColdBloodedShiller, the market is torn as to whether or not such an expectation is realistic or unrealistic. In fact, the poll results are almost split completely down the middle, suggesting that the market is currently in a state of confusion and could go either way.

Is $BTC trading below $3,000:

— Cold Blooded Shiller (@ColdBloodShill) November 25, 2019

The largest portion of the vote went to Bitcoin price trading below $3,000 being an unrealistic expectation. This would suggest that most traders believe the bottom is in and will hold as such, regardless of the severity of Bitcoin’s current downtrend.

The crypto asset has fallen from $10,500 to as low as $6,500 in a little over one month, and before that, back in June Bitcoin was trading at as high as $14,000.

A rejection at that level sent the price of the leading crypto asset plummeting back down, where it consolidated and ultimately dropped further to current prices, wiping out much of the 2019 parabolic rally as a result.

Bitcoin’s bottom at $3,100 will need to hold, or the longevity of the cryptocurrency as a financial asset may be in jeopardy.

Featured image from Shutterstock

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.