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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Bull Run Was Here, But White Swan Pandemic Put It On Lockdown

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin white swan pandemic

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At the start of 2020, Bitcoin was trading above $10,000 for the first time since June 2019. Several indicators and sentiment suggested a new bull market was underway.

But the “white swan” pandemic that put the world on lockdown, also put a stop to Bitcoin’s momentum. And according to a new tool developed by a respected crypto analyst, it may take another couple of months to get back there.

White Swan Pandemic Causes Widespread Crypto Market Chaos

Major US stock indices were setting records for the highest price ever traded in February 2020. At the same time, there was a renewed interest in cryptocurrencies.

The decentralized finance movement brought Ethereum to a record-string of weekly positive closes, and Bitcoin reclaimed $10,000.

But in Wuhan, China, an outbreak was spreading rapidly, threatening the rest of the global economy. By the time early March rolled around, investors began to brace for the worst.

Related Reading | BTCUSDPlunges Below Crucial $9,000 Support; What Analysts Think Comes Next

The “white swan” event of a pandemic taking many by surprise, caused a shocking selloff now referred to as Black Thursday.

Stock markets went from setting records for highs, to setting a record for the worst quarterly close on record. BTCUSD crashed over 50% in under 48 hours. Other cryptocurrencies flash crashed to zero.

Even gold and other precious metals collapsed under the weight of the selloff.

Months later, neither the stock market nor Bitcoin have been able to reclaim those highs. And according to new data, it may take a few more months to get there.

This is a new model I'm working on, it picks the start of exponential bull runs.

1) Bitcoin was setting up for a bullish run until the COVID white swan killed the party.

2) This model suggests we are close to another bullish run. Maybe another month to go. pic.twitter.com/wmoEdMVywF

— Willy Woo (@woonomic) June 27, 2020

New Exponential Bull Run Bitcoin Model Signals ‘Not Yet’

According to a new tool developed by Bitcoin expert Willy Woo, the assetisn’t ready for a new bull run just yet. At least it isn’t as ready as it was before the pandemic struck.

The new tool which the creator says may predict the “start of exponential bull runs,” signals Bitcoin could have another month of consolidation.

The model clearly marks the start of past bull runs in the cryptocurrency. The data indicated that Bitcoin was close once again in early 2020, but the rug was pulled by the outbreak.

The analyst also says that the longer it takes for the asset to coil up, the higher the peak price will be.

Bitcoin price predictions range anywhere from $100,000 to $1 million per BTC long term. The longer the “long sideways accumulation band,” the more likely Bitcoin will trade at such highs.

Related Reading | It May Take Crypto Until Q4 2020 to Break Into a Bull Market: Analyst 

Woo is also the creator of other popular Bitcoin indicators and tools such as NVT ratio. The Network-to-Transaction Volume ratio was developed to spot potential tops and bottoms in the cryptocurrency.

It has worked with great accuracy throughout the past several years for calling tops in the cryptocurrency.

It triggered red during the bubble peak, right before Bitcoin fell to $3,200, in June 2019, and again in February 2020. As of right now, it’s not signaling a top is in.

The new model shows Bitcoin is also not ready for another exponential bull run just yet. However, this older, proven model also says it isn’t ready to top out.

This could indicate that more sideways is in the cards before the next move up and bull market begins.

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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

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