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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin’s 85% Bounce Shows Crypto Is Fundamentally Alive and Well

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin dead alive

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Bitcoin and the rest of the crypto market – even traditional equities markets and precious metals – have been suffering through one of the worst selloffs the world has ever seen in the face of a global pandemic.

However, while the stock market has barely gained back any of the recent losses from last week’s collapse, the first-ever cryptocurrency has nearly doubled in value, gaining 85% from the recent low and showing that the asset is fundamentally alive and well.

BTC is Dead, Long Live Bitcoin

Bitcoin has been pronounced dead hundreds of times throughout its just over ten years in existence. It’s been compared to rat poison, and many times have pundits called for its collapse to zero.

Last week, cryptocurrency investors, however, were fearing that might actually come true.

Related Reading | Economist: Government Overspending Amidst Crisis is Bullish for Bitcoin 

A liquidity crisis hit all markets last week as panicked investors sold off everything under the sun, fearing a coming recession and a world left forever changed due to the spread of the coronavirus.

The massive selloff caused a cascade of liquidations on trading platform BitMEX, which kept driving the price of Bitcoin down further and further.

Eventually, the exchange was taken offline and Bitcoin’s price began to recover at roughly $3,800 at the low.

Now, just one week later, Bitcoin reached as high as $7,100 this morning, marking an 85% gain since the bottom was set just days earlier.

Not only does this show that Bitcoin is alive and well fundamentally, but it could make the leading cryptocurrency by market cap especially attractive to investors seeking to put their capital somewhere where there is growth amidst falling valuations everywhere.

$BTC is up 80% in one week from $3700.

Another +80% puts us at $12500.

Yes it might've crashed with the rest of the market, but one thing is for sure, when it pumps it leaves everything behind.

When in doubt, remember that fundamentals never changed. pic.twitter.com/FE4qEPZoX3

— Galaxy (@galaxyBTC) March 20, 2020

Cryptocurrency Fundamentals Will Help It Survive The Coming Economic Collapse

Bitcoin and other cryptocurrencies were designed with unique attributes that make them unlike fiat currencies, and oftentimes more like precious metals, due to the scarce and limited supplies.

This attribute could help Bitcoin and other cryptocurrencies during the potential inflation in the days ahead.

Bitcoin was also designed to be decentralized, and if banks shut down in the near future over the virus, only cryptocurrencies will be instantly accessible for holders.

Even the World Health Organization is promoting contactless payments and a reduction in the reliance on cash.

Related Reading | The Coronavirus May Be The Best Reason Yet To Own Bitcoin 

Bitcoin, fundamentally, has everything going for it, and the recent rally reflects investors realizing the asset’s potential and speculating that the asset will soon shine in the face of all this financial adversity.

And speculation, yet another factor giving Bitcoin value will only increase as its use cases show even more potential in overcoming the current unique challenges the world is facing.

Featured image from Shutterstock
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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

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