Accurate Trader Calls For $1K Bitcoin and Destruction of Crypto Industry

Tony "The Bull" Severino

5 years ago

3 mins read

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.

It’s almost been two full years since the crypto hype bubble, and the leading crypto asset by market cap, Bitcoin is trading at roughly 35% of the price it reached during that peak, while the rest of the asset class is in many instances still down 99% from their all-time high.

However, one crypto trader and market analyst who has accurately called the breakdown of Bitcoin’s support at $6,000 in 2018, the asset’s bottom in December 2018, and its parabolic rally in April 2019, is now saying that Bitcoin must reach $1,000 next, and completely destroy the crypto industry before the asset can experience a healthy rebound.

Bitcoin Will Go To $1,000 Range, According to Trader With Accurate Calls

The crypto market is in a state of chaos after failing to rally into another bull run. Investors are still stuck holding extremely heavy bags of altcoins that have struggled to regain any lost ground.

Those who were burned by the crypto bubble weren’t lured once again by Bitcoin over $10,000, causing the crypto asset to collapse in price. Others blame altcoins for the collapse of Bitcoin.

Whatever the case may be, one crypto analyst who has made a string of accurate calls in the past, is now saying that Bitcoin will go “to the $1,000 range.” The analyst explains that this would be “good for crypto” as it would “destroy investors and projects,” claiming that’s exactly what the space needs.

I think BTC is going to the 1000 range. It will probably take a while to get there, but based on everything I see right now, I think that is the most likely target. That would be great for crypto too. It would destroy investors and projects, and that's exactly what we need.

— MAGIC (@MagicPoopCannon) November 28, 2019

The analyst says he forces “extreme danger” in Bitcoin’s future, as the asset’s long-term logarithmic growth channel would be put in jeopardy if such a drop occurs, putting the asset’s longevity in question with investors expecting it to eventually reach prices of $100,000 or more per BTC.

Have Complacent Crypto Investors Yet To Capitulate?

Markets are cyclical, and it often takes investors capitulating before a market can experience a healthy enough shakeout for the cycle to begin once again. Because so many crypto investors were once again overly bullish on the asset class at the first sign of a rally, it drove the asset’s price up too quickly and it is now crashing down once again.

This could be a signal that crypto investors never actually capitulated, and such an event may be necessary for another bull market to occur.

Bitcoin’s price chart, when viewed on the linear scale, looks eerily like a popular schematic depicting a market cycle, and would suggest that Bitcoin is only at the area of complacency on the chart, which could mean that anger, depression, despair, and finally, capitulation may be ahead.

According to the analyst, such a drop would decimate all projects and investors in this industry, allowing Bitcoin to emerge from the ashes once again.

Don’t let the analyst’s name fool you, the outspoken trader has also perfectly called Bitcoin’s bottom, the prior breakdown from $6,000, and the rally to $14,000 this past April. Before the rally topped out, the analyst had been calling for a major crash, and is now looking to $1,000 as the ultimate target.

Featured image from Shutterstock

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.