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Home Cryptocurrency news Bitcoin

Blast From the Past: Bitcoin Following Black Thursday “Supercycle”

Tony Spilotro by Tony Spilotro
5 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
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Bitcoin price has just today set a new high for 2020 and is showing no signs of slowing down. However, as greed reaches extreme levels and ROI is stacking across the board, could the cryptocurrency see a surprise correction?

According to a chart that first debuted around Black Thursday, this latest high will result in a pullback toward former lows, before the final bull market breakout takes place. Will the cryptocurrency market see a strong correction based on this “supercycle” theory chart shared by a reputable Singapore-based crypto fund?

Crypto Market Ready For Bull Run, Or Has Greed Gotten Ahead Of Reality?

Today, Bitcoin price exploded through resistance at $12,000 and is trading well above $12,250 at the time of this writing. The entire crypto market is up well over 80% on the year, with Bitcoin right behind at more than 70%.

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bitcoin btcusd

BTCUSD YTD ROI | Source: TradingView

Google Trends shows that searches for crypto are picking up rapidly, suggesting that interest is returning to the market in a major way. Most Coinbase coins are up over 57% over the last month alone, and the crypto fear and greed index has reached levels of extreme greed.

Related Reading | Be Fearful: Crypto Market Greed Reaches Second Highest Point In History

Markets tend to alternate between greed and fear, both reaching extremes before turning around. Some of the world’s best investors and traders advocate taking a contrarian stance for this very reason. Markets tend to reverse in the opposite direction after achieving such a peak in sentiment.

The last time the fear and greed index reached such a high, was back when Bitcoin was trading above current levels, where a rejection at $14,000 took place.

Bitcoin “Supercycle” Theory Calls For One Last Dip Before Uptrend Begins

This top sent Bitcoin tumbling back down to the Black Thursday low at $4,000. Prior to that fateful day, the market wasn’t that fearful since the bear market bottom at $3,000.

The bouncing back and forth between extreme fear and greed, also closely matches a price chart first shared following the Black Thursday collapse. Singapore-based QCP Capital shared the chart they received from a “professional chartist,” calling for what the firm says is a Bitcoin “supercycle.”

This “supercycle” is a five-wave ABCDE corrective triangle, where price action tightens and tightens until there’s ultimately a breakout an expansion.

bitcoin supercycle

The chart does claim that $10,000 would have acted as the second high, or D-wave, before falling to the final E-wave, then taking off into an uptrend. This, of course, didn’t happen, and Bitcoin is trading at over $12,000.

Related Reading | Economist: Early Days of Bitcoin Uptrend Are Here, Breakout Has A Long Way To Go

The cryptocurrency, however, still has yet to make a higher high beyond the top last year at $14,000. This still falls into the parameters for an ABCDE corrective wave, keeping the “supercycle” theory alive just a little while longer.

If the supercycle idea follows through, Bitcoin has another drop ahead to roughly $7,000 before the bull market finally begins.

Tags: altcoinbitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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