Long Term Charts Put Bitcoin Price At for $11,400 Local Top, $60K Bull Cycle Top

Tony "The Bull" Severino

Last Updated: June 11, 2024 1:44 pm

3 mins read

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Since Bitcoin price left its bear market lows, the first ever cryptocurrency has been seemingly unstoppable, shocking everyone with its resilience in the face of FUD, powerful resistance, and oversold indicators. For weeks now, crypto analysts have been calling for the “top” of the rally but the expected correction never arrives. Even a massively bearish head and shoulders pattern formed at the top of the recent rally – a bearish reversal pattern – that was later invalidated by further bullish upward movement.

However, all rallies eventually find their top, and two crypto analysts using long-term price charts to help predict the Bitcoin price “top” have found two probably price points – one top for the short term rally, and one top for the greater bull cycle rally – as to where a strong trend reversal may occur.

Long-Term Chart Sheds Light at Possible Local Bitcoin Price Top at $11,400

There are a variety of indicators that traders, investors, and financial analysts use to help them predict future price movements. These include commonly referred to terms, such as moving averages, relative strength index, and more.

Andrew’s pitchfork is yet another tool in a trader’s arsenal that can help identify trading ranges, which can in turn help understand which resistance levels may serve as the top of a rally or which support level could act as a bottom.

According to crypto analyst Josh Olszewicz, the pitchfork tool may point to $11,400 as a “possible top.” The price target is accompanied by a Bitcoin price chart complete with a pitchfork beginning at the second bottom in the 2014-2015 double-bottom.

The channel created by the pitchfork tool shows that Bitcoin price popped above it for much of 2017 into 2018. It was Bitcoin price bumping up against the top of the channel it had previous broken above, that saw it plummet straight through it and support at $6,000 – taking the price down below the pitchfork-created channel.

Now, according to the tool, Bitcoin price is back at the mid-point of the channel, which could suggest a “top” of $11,400. The prediction is also further backed up by the location of the top of the 1-week Ichimoku cloud – yet another indicator traders use.

Long-Term Chart Hints At Possible Bull Market Cycle Top, $60K BTC

Analysts also often chart out long-term prices of assets using regression analysis. Bitcoin’s growth trajectory is best viewed along a “non-linear regression curve” and using this curve can help traders understand the potential of mid- or long-term trend cycles.

https://twitter.com/moonoverlord/status/1140068956306321408?s=12

Much as the pitchfork tool was used to spot a local top for the current rally, one prominent crypto analyst has shared a chart that uses the non-linear regression curve to predict the top of the next Bitcoin bull run.

The analyst’s chart demonstrates how Bitcoin has broken above the median line of the chart, which has always resulted in a parabolic move upward. The breaks above the median line have also always resulted at a touch of the top of the curved channel. If Bitcoin price again reaches the top of the channel, it would put the price target for the top of the next Bitcoin bull market at $60,000 per BTC.

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.