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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Will Drop $1,000 Before Seeing Real Bottom: Here’s Why

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin price bottom crypto

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Bitcoin price is finally exhibiting price action that suggests it could be building a base in which a final local bottom could set.

However, according to one crypto analyst, the first-ever crypto asset is likely to take another last-minute $1,000 dive to retest lowers before going on the real rally, offering crypto investors one final shakeout to hold through before the bull run returns.

Final Shakeout Expected Before Bitcoin Price Finally Bottoms

As the year comes to a close, Bitcoin may finally be once again returning to the bullish momentum it had during the first half of the year. During that time, Bitcoin exploded out of its bottom trading range below $4,000, resulting in a multi-month parabolic rally and as much as a 350% return on investment from through to peak.

Related Reading | Bitcoin Price Reaches Fair Market Valuation, While Costs of Production Rise

But after Bitcoin price set a high for the year, it’s been steadily falling deeper back into a downtrend that has shown no signs of slowing down until the last few days, when the crypto asset appears to have begun to build a base, much like what occurred for price action when Bitcoin bottomed out near $3,100.

After such a low was reached, Bitcoin pumped to get traders bullish, then had a final $1,000 plunge to shake out trigger-happy investors one more time before the rally really began.

Should the same thing occur, Bitcoin may suffer yet one more crash down $1,000 back into the $6,500 range before making its final push out of the current trading zone.

$BTC Weekly

Last time we saw reversal to the upside, we first faked with 2 green candles above 50 EMA, and had another $1000 further decline before real reversal started once MACD crossed bullish. Exact same week. pic.twitter.com/l7ttugqtGc

— ⛓ live slow, buy LINK ⛓ (@liveslowbuyLINK) December 23, 2019

But Crypto Asset Could Indeed Be Building a Base

Mark Dow, the former IMF economist that famously shorted Bitcoin’s 2017 peak, has been telling crypto traders to watch for signs that a base was forming before considering taking a new position in Bitcoin.

These early signs that a base may be building are finally here, and the final plunge down could be the final test of support that’s necessary to give bulls enough conviction and confidence to make yet another strong push higher – one that’ll propel the leading cryptocurrency by market cap up out of the $7,000 range and back into the $8,000 range.

At that point, eager crypto traders could consider Bitcoin’s downtrend to be reversing but still should remain careful and cautious until highs from earlier in the year are retested and reclaimed.

Related Reading | Bitcoin Surges to $7,200 By 11% In Massive 1 Day Reversal, As Traders Consider Bottom 

If Bitcoin price can reclaim $10,000 and make a reattempt at prices above that level, the crypto asset could very well be back on its way into its next full run. But not before a final $1,000 shakeout makes things very confusing and scary for those hoping to buy the bottom.

Feature image from Shutterstock
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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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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