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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Analyst: Crypto Market Pullback Imminent But May Not Occur For Months

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
total crypto price chart correction bitcoin altcoins

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Created by industry experts and meticulously reviewed
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The crypto market experienced a short and minor correction this past week but appears to be ready to keep chugging right along, with no end to the momentum in sight.

In fact, one cryptocurrency analyst says that while there’s no denying that a correction is imminent, it may not happen for weeks to months, as Bitcoin and the rest of its altcoin cousins are ready to charge forward into a new bull market.

Bull Market is Back: Total Crypto Market Grows By Nearly 75% Year-to-Date

The total aggregate cryptocurrency market cap has added over $125 billion in value since the start of the year and is up nearly 75% year-to-date.

After such a powerful move upward in less than two short month’s time, a correction is expected and already overdue.

Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun 

And while a short-lived correction played out over the last 48 hours, it failed to set the crypto market back more than 10%.

That correction already may be over, as the total crypto market has already started moving upward once again towards setting new yearly local highs.

A deeper correction may still be a ways off, and according to one crypto analyst, may even take weeks or months before a deeper retracement hits the greater crypto market.

#Bitcoin 1 Week Chart since May 2015.
A pull-back may be imminent, but this does not mean it can't occur weeks or a couple months from now. #BTC $BTC pic.twitter.com/1AEZSOCPSe

— Cappa (@Grail_Whale) February 18, 2020

Bitcoin and the rest of the crypto market, including altcoins like Ethereum, XRP, Tezos, Link, and many others, simply have too much momentum behind them.

And after two full years of a bear market, they have over 90% drawdowns in many cases to recapture, so there’s still plenty of room to fly.

Bitcoin and Altcoins Have Further to Climb Before Real Correction, According to Signals

Further supporting more uptrend before a deeper correction occurs, is an uptrend channel that has thus far held up. Even the latest correction couldn’t close outside of the channel, despite a long wick through it.

total crypto market cap

When zooming out and viewing technical analysis across the daily timeframe, the current angle of the uptrend exactly matches the angle of the previous uptrend that took Bitcoin to $14,000.

The previous uptrend had 5 impulse waves up, followed by an ABC correction. The current trend appears to only be on the fourth impulse wave, leaving one more extremely powerful impulse upward before another ABC correction ensues.

total crypto market bitcoin altcoins

A similar formation has also appeared on the Relative Strength Index, and if the pattern repeats, a surge is expected to a new high in price, but a lower high in the indicator – creating what’s known as a bearish divergence.

The MACD is currently pointed down and crossed down on the histogram, but appears to be starting a turn upward for one more push higher.

Counter-Point | Crypto Market Crash: This Technical Structure Puts End to Uptrend 

Finally, stochastic is showing that a trendline from the bottom of when the uptrend channel formed is still intact.

All these signs combined, point to further upside in the days, weeks, and possibly months ahead before a deeper drop causes a strong retracement.

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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.

Read more

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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