Crypto Analyst: Recent Bitcoin Price Struggle Similar to 2017 Run

Tony "The Bull" Severino

5 years ago

3 mins read

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Bitcoin price action over the last few weeks as turned from bullish, to bearish, and crypto investors are torn as to what happens next. Most expect Bitcoin to go on a bull run from here, while others think a correction until the end of the year is in the cards.

However, one prominent crypto analyst – an analyst with analysis so persuasive, they’ve turned even Bitcoin skeptics to believers – says that the recent “struggle” in Bitcoin price at $10,000, looks very similar to the price action that occurred in early 2017 when the crypto asset also struggled to break above $1,000.

Crypto Analyst: Current Bitcoin Price Action Appears Similar to Early 2017 Bull Run

Prominent crypto analyst 100TrillionUSD is widely known and respected for his stock-to-flow model designed to help predict long term Bitcoin prices. Using the analyst’s model, it suggests Bitcoin price could reach $55,000 by the next halving in May 2020. The analysis is so overwhelmingly convincing, it’s turned many skeptics into believers.

In the analyst’s latest tweet, a chart is shared depicting Bitcoin price represented by color bubbles, with each color bubble representing a larger degree of growth in the BTC/USD 200-week moving average. The analyst says that after BTC/USD bottoms, the growth in the 200-week moving average begins to rise steadily until the next stop.

#bitcoin's 3 month struggle to break the magical $10k feels like begin2017 struggle to break $1k … we all know what comes next🚀 pic.twitter.com/n8RdeA0U8D

— PlanB (@100trillionUSD) August 15, 2019

During the steady climb, from the bottom to the next top, Bitcoin price often struggles at key resistance points, with the current price action being a strong example of what happens when the first-ever crypto reaches powerful resistance, despite being on what most believe to be a bull run.

The analyst comments that the current “struggle’ Bitcoin is experiencing at $10,000, is reminiscent of a similar struggle with resistance during early 2017 when Bitcoin first began to struggle to break through former resistance above $1,000.

Eventually, Bitcoin broke above $1,000, and that’s when FOMO truly kicked into high gear, and Bitcoin price smashed through resistance and set off on the greatest bull run the world has ever seen. Bitcoin’s meteoric rise was widely publicized by the media, and made Bitcoin a household name.

The FOMO took Bitcoin price to its all-time high price of $20,000 before a powerful correction brought its value down to the low $3,000 range where it bottomed. Since then, Bitcoin has reclaimed much lost ground but has yet to break out of bear market resistance above $13,800.

Once Bitcoin is able to reconfirm support lower and reclaim $10,000 with strength, the leading crypto by market cap should be able to finally break through the powerful resistance and embark on the next bull run – one that this analyst says would take Bitcoin price to $55,000 by May 2020.

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.