Bitcoin Captures $17,000, Bears And Bulls Alike In Disbelief

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:08 pm

2 mins read

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Bitcoin price just slammed through $17,000 as part of a seven consecutive week rally. The cryptocurrency finally reached what could be the final resistance level before a retest of its all-time high. With the former peak within striking distance, will bulls seize the opportunity and set aflame to cryptocurrency market interest once again?

$17,000 Now An Afterthought, Where Does Bitcoin Go Next?

It is hard not to be bullish on the leading cryptocurrency by market cap. The scarce supply alone is reason enough to pay attention, and when combined with a decentralized financial network revolution and a secure store of value, its potential is near limitless.

Those bearish on Bitcoin could finally be throwing in the towel, now that the cryptocurrency is fast approaching its former all-time high. At the time of this writing, there’s less than $3,000 separating BTCUSD from setting a new record.

Pundits claimed the asset was a bubble, and it would never again recapture the public interest.

Part of that statement is true, however. Bitcoin has yet to recapture the public eye and mainstream media, the same way it did during the 2017 rally.

Instead, it has become sought after by smart money institutions who are loading up on the rare asset. Google search queries reflect that interest is nowhere near previous levels, and that could not arrive until Bitcoin is above $20,000 and people realize they missed the train once again.

Bitcoin reached the final 3D resistance leftover from the first week of 2018 | Source: BTCUSD on TradingView.com

For now, as the image above depicts, $17,000 is the only resistance remaining on the three-day BTCUSD price chart. The resistance won’t last long, however, given Bitcoin’s unstoppable momentum.

The recent rally has left bears shocked and even bulls in disbelief that the bull run picked up in strength so quickly. At this pace, the stock-to-flow model projections become a lot more logical and realistic, and not just steeped in false hopes leftover from the crypto bubble.

Featured image from Deposit Photos, Chart from TradingView.com

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.

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