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Home Technical analysis BTC

Max Pain: Why Bitcoin Could Trade Sideways Until April 2021

Tony Spilotro by Tony Spilotro
1 month ago
in BTC
Reading Time: 3min read
Max Pain: Why Bitcoin Could Trade Sideways Until April 2021
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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.

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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
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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