Grand Finale: Bitcoin Price Closes Record High Weekly, Could Conclude Cycle

Tony "The Bull" Severino

1 year ago

3 mins read

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Bitcoin price is currently flirting with prices above $60,000, as the momentum of the ongoing bull market slowly begins to push the asset above the key resistance level.

The start of a breakout through resistance might have began with last night’s historic weekly close – the highest ever recorded. However, despite what could be a clean bullish breakout, there’s a bearish factor lingering that could make this the last weekly close the high for some time.

Bitcoin Price Closes Record High Weekly Candle Above $60,000

Bitcoin price has poked above $60,000 dozens of times now, yet has been unable to hold strong above the clearly strong resistance level. The leading cryptocurrency by market cap, however, has also yet to tumble any further than a mere 10-20% for most of the last 12 months.

The first signs that new highs could be near, is the first ever historic weekly candle close above $60,000. Last night’s weekly candle is also only the second daily candle to close above the crucial rounded number.

You have to zoom in to see it, but Bitcoin did close above $60,000 on Binance | Source: BTCUSDT on TradingView.com

The battle between bulls and bears came down to the very last seconds before the close, resulting in some disparity across exchanges. Bitcoin price made the achievement on Binance specifically and others, but failed to make a similar milestone on platforms like Bitfinex and Coinbase.

The slight discount on Coinbase could be a sign that buy pressure is finally waning and the sell side is intensifying.

Why The Record Could Precede A Short-Term Reversal

The cryptocurrency market has been on fire and its been mostly due to the rush to buy Bitcoin before other corporations and hedge funds buy it all.

But as mentioned, the FOMO could finally be running out of steam. Making matters worse, an ultra rare signal has appeared that has only in the past reared its head when the crypto cycle was finally complete.

A rare crypto cycle top indicator has issued its signal. Is the rally over? | Source: BTCUSD on TradingView.com

The Pi Cycle Top Indicator has now issued the fourth ever top signal with last night’s weekly candle close and subsequent daily candle open.

That could mean that a long term top could be in. A 2013-like scenario with two peaks in the same year would be bulls last hope for things to continue, albeit after a correction.

Back then the signal arrived early, Bitcoin price spiked much higher, then corrected 82% within just four days. After settling down, before the year was over Bitcoin price climbed another three to four times in value before the true top of that cycle was in.

What will it be this time around?

Featured image from Deposit Photos, Charts 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.

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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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