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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Price Targets at Bottom Show That Crypto Markets Are Unpredictable

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

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As Bitcoin price inches closer to $10,000, the market is still showing signs of disbelief due to the speed and power at which Bitcoin rose out of the depths of the bear market. No one expected the crypto asset to spike so strongly following the longest bear market on record.

The price targets thrown around by crypto investors around the time the bottom was put in – around mid-December – clearly display just how unpredictable the crypto market is, as no one at all was calling for Bitcoin to breach $6,000 and so quickly be knocking at $10,000’s door.

Overly Confident Crypto Investors Completely Miss Bitcoin Price Target

Financial market cycles all play out the same way, and despite it being an emerging asset like no other, Bitcoin has been no different and has demonstrated the same peaks and troughs of investors sentiment. Bitcoin price rose substantially in 2017, forming a “bubble” peak that popped, causing an 85% decline following the break of the crypto’s parabolic advance, and the longest bear market on record ensued.

Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble 

During this time, irrational exuberance, euphoria, and hype quickly turned into anxiety, denial, and soon, panic, as the price of Bitcoin and other cryptocurrencies plummeted faster than they rose in the first place. As the market bottomed, anger, depression, and fear are emotions that are at their highest, causing investors to be reluctant to buy at prices that would otherwise be viewed as ideal entry points. This fear-filled sentiment clouded the judgement of many, as can be seen in volume profiles during that price action.

Also around that time, recently capitulated crypto investors began targeting far below the Bitcoin bottom of $3,150 and had been looking for prices in the $2,000 range, with some calling for $1,000 or lower.

When we were at the 3-4K range, I don't remember seeing one analysis or chart predicting $BTC having 8.9K+ as a target.

Goes to show nobody knows what's going to happen next.

— Bagsy (@Bagsy) May 27, 2019

One person called for “triple digits” for the rest of the year and not until 2020 when Bitcoin would break back into four digits. Instead the cryptocurrency is already targeting five digits with a decisive break of $10,000 not out of the realm of possibility.

Collectively, most investors didn’t see Bitcoin breaking above $6,000 anytime soon, and certainly no calls for $8,000 or above. Most assumed Bitcoin wouldn’t start a new bull market for at least another year. The entire rally has shocked investors across the board, suggesting that the crypto market is just edging its way out of the disbelief phase.

Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term 

What comes after disbelief is new hope, followed by optimism. After that the bull market will help guide the price of cryptocurrencies high once again, and the cycle will reach full-blown euphoria once again.

Much like overly bearish price targets were actually a signal to buy, once euphoria sets in, and investors begin talking about million dollar BTC, it might be a signal that the top is in, and it’s time to repeat the entire cycle all over again.

Featured image from Shutterstock
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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

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

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