Bitcoin Bearish Sell Pressure Is Waning Despite Aggressive Selloff

Tony "The Bull" Severino

5 years ago

3 mins read

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Bitcoin may appear to be on the brink of total collapse as coronavirus fears shake up markets, but trading volume tells a very different story.

According to the volume profiles of each the greater bear market and the recent downtrend from the June 2019 top, selling pressure has been subsiding and it could signal “good times” ahead for the crypto market.

Bitcoin Sell Pressure Dwindling As Time Progresses

Most people first heard about Bitcoin and cryptocurrencies during the meteoric rise of 2017 that turned into a full block bubble once retail investors caught wind of the astronomic riches being generated by early investors in the emerging asset class.

Valuations of Bitcoin and altcoins like Ethereum, XRP, Litecoin, and many others skyrocketed.

But retail FOMO caused the bubble to expand to epic proportions and eventually the bubble popped.

Those that showed up late to the party go left holding heavy bags. Altcoins are still down by over 80% or more in most cases.

Bitcoin itself fell to as low as $3,000 before going on another strong rally, but failed to set a new high and ultimately fell back into another downtrend.

However, both the greater extended bear market and the more recent downtrend following the June 2019 top, have begun to wane in sell pressure, according to one crypto analyst’s take on a reduction in sell volume throughout the last two years.

Red volume bars are shrinking in size over time, and the analyst claims that this is a single that “good times are almost upon us.”

$btc

Sell pressure on both longer term and current bearish cycle is subsiding.

The good times are almost upon us. pic.twitter.com/Ps70jHHUP6

— MrParaBULLic (@iLiquidatebots) February 28, 2020

The Great Times That Once Were in the Crypto Market

Those good times that the analyst is speaking of, would be another bull market, much like what happened in 2017.

Back then, crypto investors were making money hand over fist, with altcoins popping off and going on thousand percent rallies.

Bitcoin went from under $1,000 to over $20,000 in a year’s time.

Cryptocurrencies were put on the map in a big way, and the world hasn’t been able to forget about them since.

Since then, the landscape has changed, from a once hidden underbelly of the internet, used for purchasing drugs and weapons on the dark web, to major tech companies like Facebook considering building a cryptocurrency of their own.

Although markets are indeed cyclical and history often repeats, his time will likely be very different. Crypto is much more widely known now and could result in a far larger bubble than the last time around. Alternatively, the fact that so many got burned in the last bubble, it could result in a less powerful bull run.

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.