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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

Bitcoin Price Closing Above This “Hurdle” Sends Bulls “Off To The Races”

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin hurdle

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Bitcoin price has been consolidating for many weeks now, but has still yet to choose continuation or further correction. Over the last few days, bulls have begun to regain momentum, but have yet to clear one important hurdle before it is “off to the races,” says one crypto capital manager.

Here’s the line they’re referring to and what the rest of the race might look like once this hurdle is overcome and bulls take back full control.

$40,600: The “Hurdle” Bitcoin Must Jump For The Uptrend To Resume

Bitcoin spent nearly two full years in accumulation between $3,000 and $10,000, but once that range was breached the cryptocurrency quadrupled in value in just a few months.

The rise was sharp and abrupt, causing widespread Bitcoin FOMO ranging from retail, to celebs, to institutions and corporations. But after profit-taking kicked in around $42,000, the leading cryptocurrency has been consolidating, and altcoins like Ethereum have stolen the show.

Related Reading | GMI Model Estimates Bitcoin Fair Value At $300K By October 2021

Bitcoin is starting to rise again, and has reclaimed the middle of the current range. But before another attempt at $42,000 which will likely be broken with little challenge, the main “hurdle” price action must  overcome is at $40,600.

bitcoin hurdle

Here is the line that Bitcoin price must beat to keep rising | Source: BTCUSD on TradingView.com

 

Bulls Are “Off To The Races” Once Resistance Is Taken

What happens when Bitcoin takes out $40,600? Jeff Ross, CEO of Vailshire Capital claims that its then “off to the races” and the uptrend will resume.

According to the chart Ross has shared, the price represents the highest daily candle close on the BTCUSDT trading pair on Binance.

That price might not translate perfectly to competitor exchanges like Coinbase, which have been trading at a premium due to spot buying.

Ross previously called for the rise to current levels after earlier this week confirming a clean technical breakout.  Bitcoin had been trading within what appeared to be a descending triangle. Descending triangles are typically bearish patterns, but in this case after a false breakdown, price action deceptively turned around and broke upward.

Related Reading | Sats Stats: Bitcoin Grows 37x In Four Years From Today

As far as what off to the races looks like, Ross doesn’t say, but the next logical level will be the high around $42,000 itself. If that is taken out, Bitcoin price could once again quadruple within weeks as the bullish impulse picks up in pace.

Thus far, the bull run has been behaving very differently than the last, with very few corrections and none reaching the last cycle average of 37% of more.

Without a correction, buyers will be left paying only increasingly higher prices.


Featured image from Deposit Photos, 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.

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
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