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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6
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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

Bitcoin And Ethereum Bleed 10% In Violent Crypto Market Shakeout

Tony "The Bull" Severino
Tony "The Bull" Severino
Last Updated: June 11, 2024 1:55 pm
2 mins read

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Ethereum reached highs over $4,000 today and Bitcoin made another attempt at over $59,000. Within a two-hour window, more than 10% of recent gains were wiped out sending Ether back below the key level and Bitcoin tumbling lower.

Is this a sign of a reversal in the making, or are these powerfully trending assets simply too unstoppable right now for the rally to be over?

Ethereum, Bitcoin Dive Nearly 10% In Violent Free Fall

Ethereum has had one of its most productive months yet in terms of ROI, all while Bitcoin has struggled to maintain local highs. The recent altcoin season has been especially fruitful, propelling Dogecoin to nearly a dollar and Ether to $4,000.

Related Reading | Lucky Number 7: Ethereum Breaks Total Crypto Monthly Record

While Bitcoin consolidates, these altcoins are making the cryptocurrency’s recent run look like child’s play in terms of ROI.

However, much of that ROI was just erased in a matter of minutes.

bitcoin ethereum

Within two hours 10% was gone from both coins | Source: ETHUSD on TradingView.com

What This Means For The Current Crypto Market Cycle

A long and nasty wick is all that remains on both BTCUSD and ETHUSD on the shortest timeframes. Currently, the daily on both crypto assets looks bearish but a bear trap ahead of a breakout isn’t out of the cards.

Crypto has been a full bull mode for some time, and a correction could also be long overdue. These assets are up hundreds if not thousands of a percent already this year, and have barely taken a breather.

Related Reading | Creator Of Flawless Top Indicator Says Bitcoin Isn’t Done, Despite Signal

Markets tend to correct when participants least expect it, and the current greed and exuberance has been the highest in years. An unexpected correction could leaves bulls gasping for air and wondering what happened.

Featured image from iStockPhoto, 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.

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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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