This Insanely Bizarre Signal Called Bitcoin’s Top Three Times In A Row

Tony "The Bull" Severino

5 years ago

3 mins read

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Yesterday, Bitcoin plummeted by over $1,000 in one hour, representing the fifth-largest single one-hour drop in the asset’s young history.

And interestingly, it happened mere minutes after this insanely strange sell signal reared its ugly head, marking the third time in a row in a matter of two weeks that the signal worked like a charm.

Ironic Tweets Call Bitcoin Top Three Times in a Row

Bitcoin has been on a moon mission throughout 2020 thus far, rising from lows near $6,800 to as high as $10,500.

The rally has added over 40% to the asset’s value in less than 60 days into the new year.

The surging prices also triggered a golden cross of the 50-day and 200-day moving averages – an incredibly bullish signal.

But yesterday at roughly 3:00 PM eastern time, a massive, one-hour long, record-breaking crypto market dump happened, causing asset prices to go tumbling.

Bitcoin dropped by over $1,000, setting the record for the young, disruptive asset’s fifth-largest one-hour sell candle.

The selloff happened exactly three minutes after an ironic tweet was made by cryptocurrency influencer Holdonaut.

Holdonaut became well known for creating the Bitcoin lightning torch experiment, where one major crypto influencer sent the cryptocurrency to another, creating a domino effect of promotional efforts spreading the word about the second-layer technology.

Later, Holdonaut, was threatened with legal action from Bitcoin SV frontman Craig Wright, for defamation of character.

Now, Holdonaut is in the public eye once again, but this time for signaling the of Bitcoin’s rally not once, not twice, but three total times.

Holdonaut over the last two weeks has made three tweets claiming that Bitcoin would never again trade below $10,000.

https://twitter.com/crypt0fungus/status/1230249986065039360?s=21

Each time the tweet was made, Bitcoin promptly fell below $10,000.

This latest tweet happened just three minutes before the record-breaking crash across the crypto market that wiped billions of value in an hour’s time.

The ironic tweet acted as a massive sell signal three times running in a matter of two weeks.

Jinx! Prediction Track Record Favors Immediate Downside

However, the same tweet can be found many times over the last two years of the bear market.

Even the most well-respected cryptocurrency analysts across the industry have been incorrect when making that call.

#bitcoin 200 week moving average growing 5.6% per month … last opportunity to buy #BTC below $10k pic.twitter.com/uEKl24TEYt

— PlanB (@100trillionUSD) June 21, 2019

Ahead of the June 2019 top, back when Bitcoin reached $14,000, Bitcoin stock-to-flow model creator Plan B claimed it would be the last opportunity to ever buy Bitcoin below $10,000 again.

It’s now happened a handful of times since.

Bitcoin pioneer Charlie Shrem also made a similar incorrect prediction in May 2018, months before the first-ever cryptocurrency later plunged to $3,000.

May 2018 will be the last time we ever see #bitcoin under $10,000

— Charlie Shrem (@CharlieShrem) May 3, 2018

The statement dates back to even earlier in 2018, after Bitcoin rebounded from a V-shaped bottom at $5,800 in February of that year. The bear market began right after that call was made.

Even earlier, those that watched Bitcoin break above $10,000 for the first time – an undeniably important psychological resistance level – likely assumed that the cryptocurrency wouldn’t ever find itself below the level ever again.

But Bitcoin is once again trading below $10,000. The next time it breaks above it, make sure nobody claims that Bitcoin will never again go below that number, and if they do, it may just be the time to sell.

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.

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.