• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Fund Manager That Called BItcoin’s 2019 Bottom Thinks BTC Will Top at This Level

Ali Martinez by Ali Martinez
2 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

The head of Hedge Fund Telemetry, Thomas Thorntown, has been extremely accurate at predicting Bitcoin’s tops and bottoms. By employing the Tom Demark (TD) Sequential indicator, the trading veteran has been able to forecast the direction of BTC’s trend.

In mid-December 2019, for instance, while the flagship cryptocurrency fell below $6,500, Thorntown noticed the formation of a sequential 13 candlestick. Consequently, the technical analyst stated that Bitcoin was bound for a bullish reversal, which resulted in a rally to nearly $10,700.

Now, Thorntown noted in a tweet that the bellwether cryptocurrency is approaching an “overbought” territory that may trigger a price correction.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Optimism Grows as Bitcoin’s Halving Approaches

Bitcoin has managed to reclaim the $8,000 resistance level as support over the past 24 hours. The bullish momentum allowed it to recover the losses incurred during “Bloody Thursday” sending it back to the same levels as seen before the dump, according to Arcane Research.

Bitcoin Breaks Above Its 100 and 200-day MA. (Source: Arcane Research)
Bitcoin Breaks Above Its 100 and 200-day MA. (Source: Arcane Research)

Santiment, a crypto behavior and on-chain analytics firm, believes that Bitcoin’s recent rally is being fuelled by market participants who are growing overwhelmingly optimistic about the upcoming halving.

Despite the popular belief that the block rewards reduction event could be the catalyst that pushes BTC into a full-blown bull market right away, data suggests otherwise.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

A Retracement Is on the Horizon

Soona Amhaz, General Partner at Volt Capital, recently published a graph that shows that one month after the most recent halving Bitcoin’s price was down by more than 11%. And, two months later it remained down by 6%.

Even though two years later the pioneer cryptocurrency was peaking at a high of $20,000, Amhaz highlighted that the short-term price action following this event is not always optimal.

Bitcoin's Price Around the Halving. (Source: Token Daily Capital)
Bitcoin’s Price Around the Halving. (Source: Token Daily Capital)

A similar price behavior could be developing now as Thorntown estimates that a retracement is underway.

The analyst said to have removed 50% of the long position he entered when BTC was trading at $6,500. The reason behind it is that the TD setup is presenting a sequential 13 candlestick. This type of candle represents a sell signal.

Thorntown appears to be aiming for a top between $8,700 and $9,000. However, the bearish formation encouraged him to raise his stop-loss order to $7,800 and take partial profits.

Bitcoin update – removing half long position with new DeMark Sequential Countdown 13 and raising hard stop on remaining long to 7800 from 6500 entry pic.twitter.com/ZAuLB9us1W

— Thomas Thornton (@TommyThornton) April 29, 2020

Overall Crypto Market Sentiment

The Crypto Fear and Greed Index (CFGI) has sensed a shift in the emotions that market participants have about what the future holds for Bitcoin. By analyzing the sentiment from multiple sources such as volatility, market momentum, and social media, CFCI reveals that investors have moved from “extreme fear” to “fear.”

From an overall perspective, it appears that the upcoming block rewards reduction event made crypto enthusiasts forget about the havoc that the ongoing pandemic has caused in the global economies. While emotions run high, it is always wise to take profits as Thorntown did to avoid adverse market conditions.

Featured Image from Unsplash
Tags: bitcoinbtcusdTD Sequential
Tweet123Share208ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Ali Martinez

Ali Martinez

Ali began forex trading in 2012. In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin. Now, he is a content producer for some of the leading media outlets in the cryptocurrency industry.

Related Posts

Ethereum

TA: Ethereum Trims Gains, Why ETH Remains At Risk Below $1,100

4 hours ago
Bitcoin

TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

7 hours ago
bitcoin

Why Rich Dad, Poor Dad Author Will Wait For Bitcoin To Drop To $1,100 Before Buying More

12 hours ago
Bitcoin And USDC

USDC Exchange Reserves Rise As Investors Escape From Bitcoin

15 hours ago
Bitcoin network

Bitcoin Enters Hibernation Mode As Network Activity Lulls

17 hours ago
Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode

Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode

21 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

Crypto News Flash: Best Meme Coins to Explore in Bear Market 2022 – Floki Inu (FLOKI), Akita Inu (AKITA) and RoboApe (RBA)

June 30, 2022

Secure Your Finances With These Top DeFi Tokens: Gnox (GNOX), Solana (SOL), and Avalanche (AVAX)

June 30, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.