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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

Bitcoin Sees 3rd Quarterly Close Over $10K, 3 Reasons This Time will Hold

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

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Bitcoin just closed the 3rd quarter of the year with its best-ever performance, marking the third of only three quarterly finishes over $10,000.

All good things come in threes, so here are three reasons why this the third time is the charm, and the cryptocurrency will hold strong above the clearly critical level.

Bitcoin Closes 3rd Quarter Above Resistance, Can It Hold Above $10K Support?

The first-ever cryptocurrency had a tremendous second and third quarter of 2020, after plunging to $3,800 as Q1 came to a close.

At the start of the year, Bitcoin once again flirted with $10,000 and held briefly before pandemic fears spilled over into markets.

Related Reading | How Bitcoin’s 2020 High Compares To Past Bull Market “Tops”

The recovery spread across the spring and summer months, but with fall here, that’s exactly what investors are hoping markets don’t do.

Bitcoin price closed Q3 above the key level of $10,000 – making it only one of three quarterly candles to do so. Neither time before has it been able to hold, but this time around, there are plenty of reasons to hope for the best.

bitcoin btcusd 3m quarterly

BTCUSD 3M Quarterly Close - One of Three Above $10,000 | Source: TradingView

Third Time’s A Charm: Three Reasons Why $10,000 Holds This Time Around

Continued retests of $10,000 and even a fall below it on daily, weekly, or even monthly timeframes cannot be ruled out, but there are several reasons why when the bell rings on Q4, Bitcoin price will be above $10,000.

For one, Bitcoin’s bear market is coming to a conclusion. A pandemic and widespread panic that tanked the stock market could not take the leading cryptocurrency by market cap to a lower low. The higher low could have in fact given bulls the confidence to push this high, and aren’t going to let the momentum slip.

Related Reading | Bitcoin Fundamental Expert: “Clarity” Comes After “Rocky” Election Ends

Even if some consolidation remains, unless a lower low is set, eventually Bitcoin price will make a new high. And the first step to that was closing the quarter back above $10,000 for the third time. A major support and resistance flip along with a breakout from the “meme” downtrend line from all-time high further add to the positive technical outlook.

dollar dxy

DXY Dollar Currency Index Breaking Down On High Timeframes | Source: TradingView

The next major reason for the cryptocurrency rising is due to the dollar’s decline. The DXY Dollar Currency Index demonstrates the dollar’s weakness since Black Thursday, and things could get worse as inflation begins to spiral out of control. Due to Bitcoin’s 21 million BTC supply, the asset is designed to appreciate as the dollar deflates. The dollar’s weakness alone could keep Bitcoin above $10,000 for good.

Last, but not least, is if there is any truth behind supply-based theories like the stock-to-flow model, the fact the halving is now in the past should be enough to keep the crypto asset above the crucial zone for now on. If not, proponents of lengthening cycle theories will be proven right, and the crypto asset could be at risk of a selloff by those who aren’t prepared to hold longer than the four years they expected.

Featured image from Deposit Photos, Chart from TradingView
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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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