Crypto Analyst: Bitcoin Price Boredom Ends With Break of $9K or $12K

Tony "The Bull" Severino

5 years ago

3 mins read

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Bitcoin price action has gone stagnant, causing volatility to disappear, and turning trader’s attention to toward altcoins like Ethereum and Ripple which are finally having some time in the limelight.

But for the leading cryptocurrency by market cap to become interesting again, one crypto analyst says that Bitcoin price will need to either break above $12,000 or $9,000. Both prices represent a clean breakout from Bitcoin’s current triangle and is likely to reignite trading volume and volatility in the market.

Bitcoin Price Must Break $9K or $12K To Become Interesting Again

After a bullish start to 2019 for Bitcoin price, the second half of the year thus far has been spent trapped inside a tight trading range where the first-ever crypto asset has been consolidating before it chooses its next direction. But the ranging price action has led to boredom across the market, and volatility levels dwindling to lows not seen since just before the April 2019 rally or November 2018 breakdown.

It’s caused many crypto traders to sit out on the sidelines waiting for Bitcoin’s triangle to break in either direction and set the trend for the months ahead. But until that happens, and Bitcoin price either breaks below $9,000 or above $12,000, trading the crypto asset just isn’t as interesting as it was throughout the rest of the year thus far.

$9,000 currently represents the range “bottom” that has held up as support thus far despite three attempts at breaking to the downside. Each time that Bitcoin price reached support in the $9,000 range, it was bought up furiously by bulls buying the dip.

$12,000 is the range top, which hasn’t been tested since early August. Additional attempts occurred in June and July, but the majority of August and September has been spent under the range median, which currently rests at around $10,800.

$BTC

There is a reason why I haven't been on Twitter in a week.
This is just not worth commentating about.
As soon as we get a close above red or below green the small time frame will get interesting.

Close below $9000, I'll target $7500-
Close above $12000, Ill target $14000+ pic.twitter.com/HgRxtlE249

— DonAlt (@CryptoDonAlt) September 17, 2019

One crypto analyst says that a daily candle close below $9,000 would result in downside targets of $7,500 and lower, which would send Bitcoin price back down to retest former bear market support levels. A candle close above $12,000 would almost surely mean that a retest of $14,000 or higher is on the table.

If Bitcoin price can gather enough momentum to breach $14,000 where it was rejected from back in June – the rejection that resulted in the current trading range consolidation – the crypto asset is very likely to move on to retest its former all-time high at $20,000 it set back at the peak of the crypto bull run of 2017. If it can break above $20,000, then the sky is the limit and Bitcoin will be in price discovery mode, looking for its next peak.

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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.