Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

Tony "The Bull" Severino

1 year ago

3 mins read

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Despite the best efforts by bulls for what has been several weeks now, Bitcoin price can’t seem to get back above $60,000 and spend any meaningful time above it.

Fundamentals are as bullish as it gets for the top cryptocurrency, but bearish technicals might have finally caused sellers to step in. That’s according to one crypto company CEO, who has warned of sell side intensity increasing substantially in the last several hours. It’s caused them to be increasingly convinced that a cycle top is potentially in. Here’s a deeper look at why.

Bitcoin Bull Run On The Ropes As Technicals Face Off Against Fundamentals

Bitcoin price has had its best year on record yet dollar for dollars and fundamentals, the stock-to-flow, and just about all other data suggests that the bull run isn’t near finished yet.

Technicals have been long overheated given the strength of the showing by bulls, leaving a large string of green monthly candles on the price chart without any serious corrective behavior. The once trending strong cryptocurrency has begun to slow, struggling specifically with anything around $60,000.

Indicators such as the logarithmic MACD are turning down on weekly timeframes for the first time since the bull phase began, and the quarterly candle just closed with the first ever bearish divergence in history. Yet the top cryptocurrency hasn’t corrected anywhere near it has in the past.

Yet it is for none of these reasons that Embily CEO Joe Saz says could very well cause the “cycle top.”

Bears have suddenly shown up just as the bull trend begins to falter | Source: BTCUSDT on TradingView.com

Why One Crypto CEO Says The Cycle Top Could Be In

Joe Saz like everyone else these days regularly offers their thoughts on what might happen next across crypto. In his latest self-proclaimed “chart spam,” he warns of something with the potential to put in the cycle top.

Saz focuses on what’s called OB, or order book analysis. He says that the rising red wave in the indicator pictures above is “ask dominance of aggregated spot markets” which he says depicts a “very serious sell side” with enough power that could topple the now struggling Bitcoin rally.

Essentially, what this translates to is a sudden spike in sellers appearing at current levels – more so today as price has been rising than recently. At this point, it will be a showdown between bulls and bears, but also fundamentals versus technicals.

Fundamentals remain heavily bullish for Bitcoin, but bearish technicals could at least cause the first serious correction, if not the cycle top that Saz is warning of.

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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