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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Here’s Why a Fund Manager Thinks Bitcoin Will “Punch” Past $10,500

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
bitcoin crypto fund manager

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It’s now been several months since Black Thursday and although markets are still reeling from the aftermath, risk appetite is returning. One crypto fund advisor says that this resurgence in risk appetite will soon spill over into Bitcoin and Ethereum.

When it does, the fund manager expects the leading cryptocurrency to punch right through $10,500 and go for a knockout follow up at $14,000.

Can Crypto Break Free From Stock Market Sleeper Hold?

At the start of 2020, the stock market was capping off one hell of a bull run and setting new all-time highs. Bitcoin and the rest of the crypto market had seemingly bottomed and began to break out from a bear market.

But then the pandemic hit, Black Thursday set assets back years in valuations, and the entire global economy suffered a shakeup. Markets have since recovered, and are attempting to stabilize. It’s led to a boring, stagnant price range in stocks and Bitcoin.

Related Reading | Analyst Who Predicted Bitcoin’s 40% October Rally Warns of BTC “Head Fake”

The volatitly in stocks is at record highs, while Bitcoin’s is at record lows. However, the two distinctly different asset classes have been trading lock and step since the start of the year.

bitcoin sp500 spx stock market

BTCUSD S&P500 Correlation In 2020 | Source: TradingView

As things tighten and coil in BTCUSD, the crypto market prepares for a major breakout, but any movements have relied on stocks to lead the way.

But as risk appetite increases once again, one fund manager expects this to spill into Bitcoin and Ethereum, delivering a one-two punch through resistance at $10,500 and taking the crypto market much higher.

Bitcoin To Punch Through $10,500, To Take a Swing at $14,000 Next

Whether it is via stocks propelling crypto higher or thanks to a break in the correlation with the S&P 500, Bitcoin could soon punch through resistance at $10,500.

According to a crypto hedge fund advisor, the rising risk appetite across the broader global market will soon spill into crypto assets. They claim Bitcoin and Ethereum will benefit in a big way, perhaps acting as the leverage necessary for Bitcoin to swing through $10,500.

Related Reading | Spiking CME Bitcoin Futures Open Interest Could Signal Breakout Is Finally Near

The resistance level has kept Bitcoin back since mid-to-late 2019, and the asset has been unable to break it despite many attempts.

Now, the cryptocurrency is coiling tightly below this unbroken resistance level, and if the market reacts as the Spartan Group fund manager expects, a move to $14,000 is possible.

Interestingly, the Bollinger Bands are at the tightest point since the November 2018 collapse. Then, the crypto asset fell through repeatedly tested support at $6,000 and dropped 50%.

Now, the asset is brushing up against repeatedly tested resistance, and another 50% up from here would take the asset right back to $14,000.

bitcoin btcusd bollinger bands

BTCUSD Bollinger Bands Daily | Source: TradingView

There, BTCUSD will retest the level that sent it plummeting back down to retest lows. If the cryptocurrency can take out that key level, a retest of $20,000 is just about guaranteed.

And if Bitcoin can knockout that final contender, it will be well on its way to setting a new record bull run.

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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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