Analyst: Bitcoin Price Rally Targets Between $12K and $22K Based on BitMEX History

Tony "The Bull" Severino

1 year ago

3 mins read

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The 2019 Bitcoin disbelief rally has recaptured some of the public frenzy and media attention experienced at the height of the last bull run, despite the next bull run barely beginning. The powerfully bullish momentum has crypto investors and analysts reviewing price charts hoping to figure out where the rally might end.

One particular swing trader believes that by analyzing historic price action on BitMEX, the targets for the parabolic Bitcoin rally can be predicted. The two “take profit” targets the trader has come up with, are $12K and $22K.

BitMEX Price Action Helps Trader Identify Take Profit Targets on Bitcoin Rally

Throughout the bear market, BitMEX became a clear market leader as one of the few cryptocurrency exchanges offering short-selling and leverage, allowing crypto investors to profit from the falling prices of cryptocurrencies across the board.

Because so much price action occurred at the Seychelles-based trading platform, traders and analysts often look to BitMEX price charts to get an accurate read on the market’s next movements.

https://twitter.com/CryptoChoe/status/1128752205182509056

According to former CME Group trading-competition winner Eric Choe, the take profit targets for Bitcoin price during the current rally, is between $12,600 and $15,100. The two prices would put Bitcoin price between the 0.5 and 0.618 Fibonacci extension. The second take profit level, the self-proclaimed swing trader says, is at $22,600 – a price that would set a new all-time high for the leading cryptocurrency by market cap.

With a bull market all but confirmed, most crypto traders have switched into “buy the dip” mode. Choe says that the ideal zone to buy dips is between $5,200 and $6,300 where there is a significant volume confluence located.

But Will Bitcoin Even Dip With This Much FOMO in Crypto Markets?

This much FOMO has not been witnessed in the crypto market since the height of the crypto hype bubble in late 2017. The recent spike in Bitcoin has reignited interest across the board, from retail investors to institutions looking to gain their first exposure to the emerging asset class.

Such buying pressure has not allowed Bitcoin to fall more than 8% since the early April rally first began. Bitcoin was also able to stay strong in the face of last month’s accusations from the New York AG’s office made against Bitfinex, and a hack of Binance – among the crypto exchanges with the most trading volume.

It’s FOMO that creates the sharp parabolic climbs that Bitcoin has become accustomed to. It’s also FOMO that has helped the digital currency reach its all-time high in the past. Should Bitcoin break above

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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.