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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

One Week Away: Comparing Past Pre-Halving Bitcoin Price Action

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
bitcoin halving btc

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Bitcoin‘s halving is just one week away. The event has long been anticipated as the trigger that finally kicks off the first-ever cryptocurrency’s next major bull market – just as it has in the past.

But how does this cycle stack up to the past? With just one week to go, we’re comparing past pre-halving Bitcoin price action with the current trend, to try to make sense of it all.

T-Minus 7 Days and Counting Until the BTC Block Reward Halving

We’re just days away now from what has been anticipated to be the most bullish event to hit the cryptocurrency market over the last four years.

Bitcoin‘s halving comes at regularly scheduled intervals, roughly four years apart.

Related Reading | All Bitcoin Fundamentals Scream “Buy” Says Prominent Market Researcher 

The last time the hard-coded event occurred, Bitcoin broke free from the clutches of the 2014-2015 bear market and rallied over 4,000% in the days following.

The halving before it sparked over 9,000% growth. Now that the halving is here once again, investors are expecting a similar boost.

Some of the most popular valuation models use the halving to predict significantly higher prices, but if everyone is expecting the same thing in Bitcoin, will it actually come true?

btc bitcoin halving comparison chart

Charts courtesy of TradingView

Past Pre-Halving Bitcoin Price Action Compared

Looking back at the last halving that took place in July 2016, just prior to the event, Bitcoin broke up and retested a symmetrical triangle it traded in for the entirety of the bear market.

During the previous cycle, it took 868 days for a breakout of the asymmetrical triangle.

Comparing it to the current, cycle, Bitcoin is currently trading toward the top trend line of the current symmetrical triangle. This could indicate that a breakout is near.

Oftentimes, assets will consolidate below resistance before breaching it.

Such powerful downtrend resistance would take momentum – momentum BTC now has after touching $3,800 recently and with the halving ahead.

Each major cycle also has had three separate instances of miner capitulation, according to the Hash Ribbons indicator.

Related Reading | Massive Bitcoin Miner Capitulation Could Act As Launchpad For Bull Market

With the third, and final capitulation out of the way following the Black Thursday drop, all signs are pointing to a major Bitcoin rally in the days ahead.

Data shows that many other fundamental factors in Bitcoin are currently screaming buy, such as the asset’s hash rate reaching an all-time high.

Stimulus money is currently flooding markets, and much of it is headed into BTC.

Given the asset’s scarcity, the upcoming halving reducing that supply, and an out of control money printer that is the US government, the perfect storm for the next crypto bubble may finally be here.

Featured image from Pixabay
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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.

Read more

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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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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