Crypto Analyst Highlights Last Ever Bitcoin Dip Using Elliott Wave Theory

Tony "The Bull" Severino

5 years ago

2 mins read

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Bitcoin price is trading just below the key level of $10,000, and a decisive break of resistance could kickstart the next crypto bull market.

Any dips at this point in Bitcoin are likely meant for buying, and according to one prominent crypto analyst who has made a number of accurate calls, expects at least one more drop if Bitcoin continues to follow what the analyst says is an ABCDE correction.

Crypto Analyst Expects One More Crash In Bitcoin, Could It Be the Last Dip Ever?

If and when Bitcoin price breaks through $10,000 for the umpteenth time, it could be the last time the cryptocurrency ever trades below five-digits ever again.

Although that time looks to be soon, one prominent crypto analyst expects one final dip in Bitcoin, which could be investors’ last chance to ever purchase BTC at four-digit prices.

Todd Butterfield is the owner of the Wyckoff Stock Market Institute founded by financial market legend Richard D. Wyckoff in 1931.

Butterfield has made a number of successful calls throughout the recent bear market, and if his latest prediction is true, crypto investors will get that chance to buy BTC lower once again.

$BTC Daily roadmap I have been showing…. pic.twitter.com/Agext3GBTF

— Todd Butterfield (@WyckoffOnCrypto) May 7, 2020

Is BTC In An ABCDE Correction According To Elliott Wave Theory?

According to the analyst and his practicing Elliott Wave Theory on Bitcoin price charts, the asset is currently between wave 3 and wave 4 of a 5-wave impulse move.

Wave 5 is often the strongest and moves in the primary count direction. In this case, the primary count is up.

Within each wave count, exist sub-waves. Like other waves, they can be impulsive or corrective. Butterfield’s chart depicts what he expects to be an ABCDE correction, which is a five-wave correction that takes place within a triangle.

Unlike ABC corrections, where C is typically lower than A, in ABCDE corrections the C and final E wave are higher than A.

The price action of an ABCDE correction usually forms a triangle, which is the dominant chart pattern Bitcoin price is trading within across high timeframes.

Butterfield is expecting a fall to roughly $5,600 one last time, which would indicate that a nearly 40% drop is coming before the final wave up.

That last dip, however, will be the very best buying opportunity remaining, and the last chance to buy the leading cryptocurrency by market cap at low prices before the final triangle breakout and resulting bull market begins.

Bitcoin price targets recently revealed by a macro economist suggest that a breakout of the triangle could result in prices of $1 million per BTC.

Featured image from Pixabay

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.