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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Max Pain: Why Bitcoin Could Trade Sideways Until April 2021

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read

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Created by industry experts and meticulously reviewed
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Bitcoin price action is currently confusing crypto traders and analysts and the reaction after reaching a new all-time is not what anyone expected. The leading cryptocurrency by market cap was thought to explode once a new high was made, but instead, another up to six months of sideways could bring max pain to eager investors waiting for a correction or the next leg up.

Here’s why Bitcoin could leave speculators sidelined at the last minute, just before the final parabolic impulse gets going and the cryptocurrency shows the world what is capable of.

Dip Buyers And Bears Alike Could Be Blindsided By Torturous Sideways Scenario

Bitcoin price is trading at $19,000 and bears and bulls alike are salivating for some decisive price action. The sideways trading has baffled some, who thought after the cryptocurrency set a new all-time high there was no turning back.

Without a major breakout, bears expected a rejection, and bulls have been waiting eagerly to buy the dip but neither scenario has yet to come. Instead, a sideways grind is playing out and traders are already frustrated and starting to sit on the sidelines.

But this is characteristic of Bitcoin reaching resistance during an early bull market. The high demand building during a phase of reduced supply keeps any selloff that would have caused downside previously at bay. There is absolutely selling going on from crypto whales, but even they aren’t having the impact they previously had on price action, resulting in the stagnancy.

bitcoin bear bull market comparison cycle 2014 2015 2016 2017 2018 2019 2020 2021

A fractal points to a phase of painful sideways and shakeout in both directions | Source: BTCUSD on TradingView.com

The current price action looks surprisingly similar to the cryptocurrency’s last major sideways phase. And if the same scenario is playing out again, expect boring price action for another few months.

Related Reading | “Cyclical Nature Of Bitcoin” Could Provide Clues On Continuation Or Correction

Interestingly, two major sideways phases preceded the epic 2017 bull market that took Bitcoin to $20,000 the first time. Now it is back at these prices, but the pain has yet to end.

bitcoin bear bull market comparison cycle 2014 2015 2016 2017 2018 2019 2020 2021

A similar fractal and sideways phase kept Bitcoin rangebound in late 2016 | Source: BTCUSD on TradingView.com

Bitcoin Cycles: After Max Pain Comes The Reward That’s Worth Holding For

The end of pain might not come for another 167 days, according to both the fractal currently, and a similar, two-sideways-phase fractal from the last bull market beginnings.

Related Reading | Analyst: Bitcoin Trajectory Ahead of Schedule, Peak Projected At $325K

The chart above shows the two stretches of price action, taking roughly the same length in time as the current sideways string. When the stalemate concludes, however, magic happens.

Once the painful sideways Bitcoin trend is complete, the final parabolic impulse carries the cryptocurrency to new highs. Superimposing the last cycle over the same point in time over current price action lines up well with similar expectations, and another parabolic curve that carries the cryptocurrency to astronomical highs, starting once this sideways ends.

After the final phase of max pain, parabola begins and the cycle repeats | Source: BTCUSD on TradingView.com

The reason why such a sideways scenario so painful, is that in speculative assets stagnancy leads to uncertainty and doubt, which can cause participants to stay sidelined until a decision is made. And as we witnessed over the last few months, once the train leaves the station, it leaves quickly to the next stop.

Is that train ready for another stop now, is more refueling necessary that could result in a max pain situation as outlined above?

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

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