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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

This Unique Take On Bitcoin Suggests A Bear Phase Is Near

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin cme coinbase

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Bitcoin just experienced one of its steepest corrections in months, and one of only a handful of pullbacks since the uptrend began. However, one unique perspective on the cryptocurrency’s long-term price chart suggests that another bear market could be incoming as volatility in the asset dwindles over time.

The idea is based on the leading cryptocurrency by market cap nearly reaching to top of a logarithmic growth channel one highly accurate analyst has charted. Here’s a look at this unique take on the Bitcoin price action ahead.

Bitcoin Bulls Finally Run Into A Wall After Whale Sparks Selloff

After touching nearly $60,000 over the weekend, Bitcoin price has fallen as deep as $45,000 per coin in just days since the week started.

The drop was prompted by a whale moving 28,000 BTC worth $1.6 billion at the time, to crypto exchange Gemini.

Related Reading | Forget 2021, Here’s How High Bitcoin Price Can Go By 2026

The selloff is among the deepest corrections the cryptocurrency has seen since last March, when the price shed over 70% in a matter of days. But could it be the top of the current rally?

According to the logarithmic growth curve drawn by long-term chartist Dave the Wave, the peak of this cycle could be near, and another bear market could be almost as close.

bitcoin btc

According to the top of the curved channel, Bitcoin's uptrend could be over... for now. | Source: BTCUSD on TradingView.com

Beware of Bear, Says Highly Accurate Crypto Analyst

Using the same model, Dave the Wave called the bottom of the bear market, so why couldn’t the same model predict the peak? If the current uptrend’s peak reaches the top trendline of the logarithmic growth curve, the distance from the near-term peak would be very close.

Each time Bitcoin price has touched the top trendline in the past, a bear market followed. And if some reason Bitcoin sells off stronger than the current correction from here, a bear phase will technically already have begun.

Related Reading | Why March Is The Bloodiest Month In Bitcoin History

Either way, after rising so sharply, the log growth curve seems to indicate that some correction is due one way or another. As Dave the Wave also elaborates, each cycle’s drawdown was set at a 33-degree slope. If the same angle trend happens with the current correction, the bottom would be hit when Bitcoin touches down at $20,000 again eventually.

What’ll it be? A retest of $20,000 to complete the next “bear market” before moving higher, or will this model be proven ineffective for the first time in the asset’s history?

Featured image from Deposit Photos, Charts from TradingView.com
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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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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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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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