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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Analyst: It’s Crunch Time For Ongoing Bitcoin Parabola

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin crunch time crypto analyst

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Bitcoin price has now had one of its largest pullbacks dollar for dollar in history, putting the entire parabolic uptrend in jeopardy, according to one crypto analyst who has warned the top could be near.

The analyst, who has been accurate in the past, claims that it is now “crunch time” for the parabola to prove its strength, or risk the start of a violent breakdown.

“Crunch Time” For Bitcoin Parabola, As Uptrend Support Line Is Tested

An asset that “goes parabolic” is a rare event, occurring when price action continues to rise at an accelerating speed and steepening angle. When the momentum finally runs out, the correction is especially violent.

Because of this, when the trend is close to its peak, things become dangerous for late to the game investors or those who have yet to take profit. For example, each time Bitcoin has broken down from its parabolic advance, it has resulted in an 80% or more correction, wiping out a substantial portion of portfolio ROI.

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

The leading cryptocurrency by market cap is now on its third parabolic uptrend, but predicting the top isn’t so simple. According to crypto analyst Dave the Wave, however, the peak based on the long-term chartist’s interpretation of a logarithmic growth channel could be near.

Due to the close proximity to the upper threshold to the logarithmic channel the analyst has drawn coinciding with the pullback landing on an important trendline, the analyst says it is now “crunch time” for the parabola.

bitcoin parabola crypto analyst

It is "crunch time" for Bitcoin's ongoing "parabola" according to this chart | Source: BTCUSD on TradingView.com

Charting The Peak Of The Current Cryptocurrency Bull Market Cycle

A breakdown from current prices would mean the parabolic advance could be complete, and another bear phase could follow. The last bear market took Bitcoin from $20,000 to $3,200 at the low, or an 84% decline.

An 84% decline from the high of $58,000 would take Bitcoin back below five digits and to the mid-$9,000 range. Mathematically, statistics show it is possible, but only if the parabola is indeed complete.

Related Reading | Record Coinbase BTC Outflows Are The Strongest Bullish Signal “Ever”

The scenario is also just one prediction based on one highly accurate analyst, and others see a very different story unfolding. According to Dave the Wave’s chart above – an analyst who accurately predicted both the bottom in 2018 and peak in 2019 – the peak of the current cycle is near, while others see a trajectory to $325,000 per coin or more.

Not only is it crunch time for Bitcoin’s parabola, but it could be crunch time for the top of the logarithmic growth channel and its ability to hold back a powerfully trending cryptocurrency.

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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