Following Bitcoin “Reset,” It’s “Off To The Races Again”

Tony "The Bull" Severino

Last Updated: June 11, 2024 10:09 am

3 mins read

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Even with an ongoing bull trend and another round of stimulus money rolling out, Bitcoin price has pulled back from highs set over the weekend.

According to one crypto analyst, this could be the start of a more significant “reset” before its” off to the races” once again for the scarce digital currency. Here’s a look at the analyst’s chart and the factors backing up their contrarian theory.

Bitcoin Peak Is Nigh, Massive “Reset” Could Be Incoming

By all definitions of the term, Bitcoin is in an uptrend, and the greater cryptocurrency market with it. The nascent technology is being adopted by institutions and investors at a rapidly expanding rate, all while the dollar itself is devalued due to inflation.

The environment has been the perfect storm for the cryptocurrency to thrive, given its hard-capped supply of only 21 million BTC. Even less are circulating and millions are lost or locked away forever.

While there’s no arguing that Bitcoin’s long-term value should bring it to prices of hundreds of thousands per coin, according to one crypto analyst, a great “reset” could be coming for the top cryptocurrency by market cap.

The analyst expects a fall back to the "zero-line" on the MACD | Source: BTCUSD on TradingView.com

How Long Before Cryptocurrency Bulls Are Back Off To The Races Again?

According to cryptocurrency analyst Dave the Wave, who has supplied accurate analysis to the community through his Twitter soapbox for years now, Bitcoin could be looking at a strong “reset.”

Things might have taken off too quickly and too powerfully for Bitcoin price this time around, causing the LMACD to become overextended and brushing up against a long-term trendline. If the weekly MACD crosses down, momentum will take the price per coin plunging down fast and furious.

At the same time, price action is trading at the top of a long-term logarithmic growth channel that has acted as the exact peak of past bull markets.

The pseudonymous analyst is a champion of the log scale, charting crypto assets like Bitcoin using logarithmic growth curves and a logarithmic version of the MACD.

A potential fall to the LMACD’s “zero-line” could be in the cards, immediately followed by the crypto asset being back “off to the races” once again.

How long the reset takes, where it goes, and if it happens at all is only speculation, and one theory of many that exist calling for higher prices. However, in the past, the analyst’s accuracy makes this contrarian take one that cannot be ignored.

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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