Bitcoin Price Attempts to Reclaim ‘Mega Bull Run’ Moving Average

Tony "The Bull" Severino

5 years ago

2 mins read

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Bitcoin price has been falling steadily for months now back into a deep downtrend, that’s putting the asset at risk of erasing all of the gains from the 2019 parabolic rally, and putting any chance of a new bull run in Bitcoin in jeopardy.

However, if Bitcoin price can reclaim a very important moving average that last time around sent the leading crypto asset by market cap into a “mega bull run,” one analyst says it would be “very bullish” and potentially lead to a repeat of another bull market for the asset and the rest of crypto.

Mega Pull Run Possible If Bitcoin Price Can Reclaim 2-Year Moving Average Multiplier

Bitcoin price has been in an ongoing bear market over the course of the last two years, even despite making a strong attempt at breaking out of it throughout the course of 2019.

After the crypto asset bottomed out at $3,100 back in December of 2018, Bitcoin price had been on a steady climb upwards until it eventually met resistance just shy of a new all-time high, where it was rejected back into a downtrend.

Following Bitcoin’s fall through support at $6,000 in November 2018, it also fell below a 2-year moving average multiplier. In May, it then reclaimed the moving average multiplier, and it supported the crypto asset for the rest of its 2019 rally.

1/ Looks like Bitcoin is trying to get back above the 2yr MA after it dipped below it in the past week when price capitulated.

Would be very bullish if we can get a few days closing back above that level.

Until then, cautious optimism (as it was a promising capitulation). pic.twitter.com/nk1njCZusk

— Philip Swift (@PositiveCrypto) November 29, 2019

A retest of the moving average multiplier is right where BTC bounced to coincide with the China pump – news that the country would be supporting the blockchain technology many cryptocurrencies are built on.

Bitcoin broke below the moving average multiplier once again recently and is now making yet another attempt at breaking back above it.

If Bitcoin price reclaims the moving average multiplier, according to crypto analyst Philip Swift, it would be bullish for BTC, and could potentially send the crypto asset back into a new “mega bull run.”

Can History Repeat Itself Once Again For First-Ever Cryptocurrency?

In past Bitcoin market cycles, after Bitcoin price retested and closed above the 2-year moving average multiplier, it has “historically signaled the start of a mega bull run,” and the analyst has shared a zoomed out price chart depicting the last two instances of such an event occurring.

If Bitcoin price can hold above the moving average, the correction could come to an end, and the cryptocurrency could once again embark on a bull run, taking the price of the crypto asset to the enormous expectations of $100,000 per BTC or higher.

But if it doesn’t, Bitcoin price’s historical cycle could be broken, and the recent talk of Bitcoin’s bottom not actually being in, and the possibility of prices below $3,000 becomes very realistic.

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.

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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.