Decision Time For Future Of Bitcoin As Crypto Teeters On Bear-Bull Edge

Tony "The Bull" Severino

1 year ago

2 mins read

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After spending the first half of the year in a powerful, parabolic uptrend, Bitcoin price has been suffering from a downward spiral ever since the summer when the first-ever cryptocurrency topped out at $14,000.

Now that Bitcoin has erased nearly 50% of the gains from the run-up, it’s decision time for the leading crypto asset and the rest of the crypto as a whole, according to one financial analyst, who says that whatever happens here, will either send Bitcoin into a new bull market, or an extended, multi-year bear market – a first for the cryptocurrency who has long been in a secular bull market.

Is The Secular Bull Market in Trouble, Ready for First Real Bear Market?

The crypto market is at an impasse. Bears cannot seem to push the price of Bitcoin lower than current levels, but bulls have been unable to push Bitcoin out of the downtrend it has been in since late June 2019.

Most of the projections analysts have been using, suggest Bitcoin should be ready to embark on its next bull run, and many indicators had been supporting the theory up until recently.

But ever since Bitcoin price was rejected at $14,000 – setting a lower high in the crypto asset’s price charts – the market has turned bearish, and Bitcoin is at risk of falling back into a bear market for the foreseeable future.

This is really decision time for ₿ and crypto as a whole, either we go up from here, or we will have a multi-year bear market. I am leaning bullish here. $5.8K is my GTFO to fiat alarm. pic.twitter.com/CMKMtMesE7

— panamax (@panamaXBT) December 6, 2019

Decision Time for The Future Bitcoin and Crypto

In fact, one crypto analyst believes that its’ decision time for Bitcoin and the entire crypto market. If the number one cryptocurrency by market cap goes up from here, it will, as it has always done in the past, go on yet another parabolic rally that’ll propel the crypto asset’s prices to as high as $100,000 to $1 million per BTC.

Throughout its history, Bitcoin has been in a secular bull market. Even during the asset’s short-lived bear markets, certain indicators never reached into bear territory, suggesting that the young financial asset has only known bull market during its 11-years since its inception.

But that all may change if Bitcoin breaks below $5,800, which the analyst says is his “GTFO to fiat alarm,” or his signal to liquidate his crypto holdings into cash to weather the coming storm.

The analyst shared a chart that shows Bitcoin touching the bottom of a cyclical market curve, ready to turn up toward new all-time highs. However, the RSI and MACD appear to suggest that the cryptocurrency is headed toward another bear market, unless it bounces back up into bull territory here.

Whatever happens in the weeks ahead, it will shape the future of the crypto market and Bitcoin itself.

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.