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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

4th Largest 1-Month Dow Sell Candle in History Leaves Bitcoin Vulnerable

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

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The Dow Jones Industrial Average closed out Friday’s trading session at 19,000 points, setting a record for the 4th largest single one-month red sell candle in the index’s history. And with Bitcoin recently tightly correlated with the stock market, it could make the cryptocurrency especially vulnerable to another crash.

Dow Jones Industrial Average Sets Record for 4th Worst Month on Record

The coronavirus and a coming recession have caused a global, market-wide, panic-induced selloff of all assets. The selloff began with the stock market, but later hit cryptocurrencies like Bitcoin, precious metals gold, silver, platinum, and more assets.

The Dow Jones Industrial Average was hit among the hardest and has been setting record after record for some of the worst single-day, and one-week losses in the history of the popular United States stock index.

Related Reading | Crisis Impact: Most Assets Returned to 2016 Prices While Bitcoin Holds Strong

Now, it is the index’s monthly candle may be headed into the history books. This month’s DJI candle is the 4th largest in history, notably beating out the “Great Recession” of 2008.

The worst selloff ever recorded occurred in 1929. Some iconic market analysts, such as W.D. Gann believed that the worst economic cycles arrived every 90 years.

Doing the math, that could suggest the current selloff could reach similar levels as the sharp, nearly decade-long recession that began in 1929. It took nearly 30 years for the stock market to fully recover and go on to set new highs following the historic collapse.

dow jones dji chart

The second worst selloff ever recorded was during a short, but devastating recession in 1987. The third was in the early 1930s before the economy recovered from the collapse of 1929.

The coronavirus is a black swan event that already has done significant damage to the economy, and could potentially do far worse compared to back then.

Further Stock Market Collapse Could Be Devastating for Bitcoin

The continued panic-driven stock market selloff may leave Bitcoin vulnerable to yet another massive crash.

It was the stock market selloff reaching a major level that triggered the selloff in cryptocurrencies that recently sent Bitcoin plummeting from $7,500 to a low of $3,800.

Related Reading | Bitcoin’s Minute-By-Minute Correlation With Stock Market May Signal Disaster

It may be starting to wane, but if the asset continues to show a strong correlation to the stock market, additional downside in stocks could be disaster for Bitcoin – considered an on-risk asset.

However, the asset was born during the 2008 recession and features unique attributes that could give it the benefits of an off-risk asset. Only time will tell how Bitcoin will perform in this type of environment. And with inflation on the horizon, it could prove to have value unlike most other assets.

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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

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