Bitcoin Price Sinks 6% From Weekend Highs As Election Day Approaches

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:07 pm

2 mins read

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Bitcoin price set a new higher high this weekend at over $14,000 and closed the highest monthly candle since December 2017, leaving just one higher monthly close to beat.

However, before that could happen, the leading cryptocurrency by market cap has been dragged down by pre-election uncertainty, and it could make for a rocky ride in the days ahead.

US Election Week Proves Too Uncertain For Crypto Bulls, Bitcoin Dives 6%

Bitcoin has shocked the world and more specifically, Wall Street, with its enormous year-to-date returns in the face of an economic disaster.

The leading cryptocurrency by market cap over the weekend on Halloween had a treat for investors: set a new higher high for the first time since 2017.

Parabolic curve lost, and breakdown promptly beginning | Source: BTCUSD on TradingView.com

The significance of a higher high cannot be understated following the higher low set on Black Thursday. The two notable price swings make up the definition of an uptrend, essentially confirming that the crypto asset has broken out into a new bull market.

But the election week uncertainty caused the cryptocurrency to lose its parabolic curve, which helped carry the upward price momentum for the last two full months.

With the curve broken, Bitcoin already nosedived $800 or around 6%, but more downside is possible due to a short-term momentum shift.

Potential high timeframe support retest incoming? | Source: BTCUSD on TradingView.com

At this point in a now confirmed uptrend, any dips are likely to be bought by bullish investors will ferocity. Logical points where a retest might occur would lie around $11,500, which acted as the lift-off point when Bitcoin blasted through following news Square Inc. had purchased BTC.

Bullish news kept the crypto asset climbing, but the election was even too much for Bitcoin to shake off unscathed.

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.

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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