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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

The Real Reason There Wont Be A Bitcoin Black Thursday Repeat

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin empty wallet exchange crypto

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Bitcoin has begun to pull back after the crypto market hit levels of extreme greed not seen in well over a year. Already, sentiment has turned toward talk of new lows, or a revisit of a Black Thursday-like selloff.

The pandemic is still a prominent factor, and the economy is only worsening. However, there is one important reason standing in the way of any chance of another Black Thursday style collapse.

Will The Latest Crypto Market Crash Lead To New Black Thursday Style Lows?

Black Thursday is a day that few Bitcoin investors and traders will ever forget. Just days following a retest of $10,000, the first-ever cryptocurrency found itself in the grips of fear, and panic.

A perfect storm of panic-selling and a near-endless cascade of overleveraged trader’s stop losses being hit on BitMEX took Bitcoin price back down to bear market lows in a flash.

Related Reading | Same Indicator That Called March Plunge Raises Chances For Big Bitcoin Drop

Over 48 hours, the cryptocurrency dropped more than 50%. But Bitcoin bounced hard after that low, rising over 100% to current levels, and could soon keep on climbing. BTCUSD spent several months consolidating, eventually smashing through resistance at $10,000 and pushing as high as $12,400 for the 2020 peak.

The leading cryptocurrency by market cap is now trading at $11,750, however, following a rejection above $12,000. The quick change in sentiment from extreme greed to a return of fear, already has some traders calling for new lows for targets.

However, there’s one important factor preventing another Black Thursday like selloff to hit Bitcoin ever again.

 

bitcoin btcusd btc supply exchange

Few BTC Held On Exchanges Makes It Difficult To Sell Bitcoin Quickly

Following Black Thursday, whether it was the risk of liquidation, stop losses getting hit, or simply to hold post-halving for the new bull run, the amount of BTC held on exchanges has dropped considerably.

No matter how bad the selling gets on any abrupt selloff, there’s significantly less Bitcoin held on exchanges for investors or traders to sell quickly at the first sign things are turning.

Related Reading | Bitcoin’s Bull Run Is Here—And History Shows 20MA is the Level to Buy BTC

Both exchange reserve data and miner outflow paint a similar picture: there simply isn’t enough BTC held on exchanges to move the needle to such an extreme.

Several other signs that Bitcoin is close to starting a new bull market also suggest that new lows aren’t likely. The asset has an extremely limited supply. For example, a recent 21,000 BTC purchase from Nasdaq-listed firm MicroStrategy amounted to nearly a full month of newly minted BTC.

Grayscale also continues to gobble up a lion’s share of Bitcoin’s scarce supply. Although prices are dropping right now, there’s so few BTC on exchanges to sell, and so few Bitcoin to go around, as soon as more companies like MicroStrategy make similar buys, the only extreme moves we’ll see, will be up to new highs.

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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

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Created by industry experts and meticulously reviewed
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