Trader Warns: “Be Scared” Going To Bed Without Spot Bitcoin Exposure

Tony "The Bull" Severino

Last Updated: June 11, 2024 10:53 am

3 mins read

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Bitcoin’s bull run could very well be here, but with the pandemic and the coming election, there’s so much risk in the air. However, one crypto trader says that they’d be more “scared” going to sleep at night without holding spot BTC at this point, than not.

Here’s why the crypto trader claims that it’s a far more frightening nightmare to watch the bull market take off without you than risking a little downside.

Investor Nightmare: “Be Scared” To Sleep On The Next Bitcoin Bull Run

The run-up in 2017 in Bitcoin and other top cryptocurrencies, was the stuff dreams were made of, and fortunes followed.

Any time after that, it has been a nightmare owning these same assets, and riding the rollercoaster of a bear market has left investors losing many hours of sound sleep.

Very Little Price Action Above 2019 High | Source: BTCUSD on TradingView.com

Nights like Black Thursday were enough to leave even the strongest holders lying awake at night, counting their sats and considering dumping them all.

But nowadays, one crypto trader claims that they’d be far more “scared” to be without spot BTC right now, than not. The reason they point to is that there is very little price action and history above the current levels, and even less above the cryptocurrency’s 2019 peak.

Only Forty Days And Forty Nights Has The Crypto Traded Above The 2019 High

Because of the importance of $10,000, you might have heard stats thrown around about how Bitcoin has now remained above the key level for the longest stretch yet.

However, it won’t take very much time at all to beat the time record spent above other crucial price points.

For example, $11,500 is acting as strong resistance currently – a zone that Bitcoin has now collectively spent 100 days above between three separate visits.

Only Forty Days Of Price Action Exists Above 2019 High | Source: BTCUSD on TradingView.com

Bitcoin has to take out the 2019 high to set a higher high, and that could happen soon. After that, there’s not much price history at all, as the trader claims.

Above the 2019 high of $13,800, the cryptocurrency has only spent a full forty days or so. There is one other critical level according to on-chain data that could act as a pit stop for Bitcoin’s bull run, which the crypto asset has now only spent a total of 10 days above.

Beyond that, are skies unknown, a return to price discovery, and a full-blown bull market for Bitcoin. Can you sleep at night knowing that is coming, and you could miss it?

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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