Bitcoin Price Has Gained On Average 77% Post-Consensus, Altcoins 161%

Tony "The Bull" Severino

1 year ago

3 mins read

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In a few short days, the crypto industry will touch down in New York City for the annual Consensus expo – a conference that brings together the greatest minds and companies across blockchain and crypto to discuss the future of the industry, hold discussion panels, and show off new products or make announcements. In the roughly two following each year’s conference in the past, Bitcoin and altcoins rose an average of 77% and 161% respectively, posting significant gains three out of the four years the annual conference has been around.

With the fifth annual Consensus just days away, and knowing that the conference can have a powerful impact of the growth of the market and industry, here’s what to expect from Bitcoin and its altcoin brethren following the event.

Last Year’s Consensus Brought Red to Crypto Markets, But What About 2019?

Those who entered the crypto market at the top of the 2017 Bitcoin hype bubble, never got a chance to enjoy the post-Consensus boost that Bitcoin and other cryptocurrencies get from the aftermath and excitement driven at the industry’s biggest annual event.

In early 2018, before the bear market truly began to beat and batter investors still bullish on crypto, many pointed to the annual Consensus as one of the few things that could revive Bitcoin, next to “Wall Street bonus checks,” “Chinese New Year” and other reasons that since became memes across the crypto community.

One bad year and y'all ditch the Consensus Pump narrative 🙃 pic.twitter.com/OfVVcMygER

— Rob Paone (@crypto_bobby) May 2, 2019

But the post-Consensus pump that never came last year, shouldn’t have become a meme. Investors were right to expect a boost after the three previous years resulted in a pump in Bitcoin price of 121%, 78%, and 138% respectively. In 2018, Bitcoin fell -28% in the months following the event.

Altcoins, which saw massive interest following the conference’s third year, with 552% growth, declined -40% in 2018.

Bitcoin to $9,500?

By taking an average of the growth data from the past four years of post-Consensus pumps, we can attempt to estimate the potential growth Bitcoin and altcoins might see following this year’s conference.

On average, Bitcoin price rose 77.25% in the roughly two months following Consensus, while altcoins rose an average of 161.5%.

At Bitcoin’s current price of $5,400, a 77% increase from here would take the price of Bitcoin to over $9,500 – a price the leading crypto by market cap hasn’t experienced since last May, before it was again swatted down by bears to retest support at $6,000.

That same support, Bitcoin is set to retest, this time as resistance in the following days if Bitcoin can keep up its bullish momentum. If that happens, and a strong break of $6,000 resistance occurs, the market could potentially rocket higher due to shorts closing, stops being hit, and an excess of capital currently sidelined FOMOing in at the first sign a bull market is back. This makes the potential for a 77% gain completely feasible, especially since Bitcoin price has pumped nearly double that following past years of Consensus.

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.