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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Analyst: Max Pain Scenario Has Bitcoin Leaving Dip Buyers Waiting Indefinitely

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
2 mins read

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At times, taking a contrarian stance in financial markets can be rewarding, other times it’s a fools game trying to go against the trend, and in crypto and Bitcoin markets that offer little liquidity by comparison against stocks, both the risk and reward are significantly amplified.

That’s why investors stand to gain substantially by being on the right side of the trade. In this case, much of the crypto market is overly bearish despite the bullish momentum, and it could cost those hoping to buy the dip. In fact, one crypto analyst says this is the most likely scenario – the “max pain” scenario – will leave dip buyers with unfilled orders indefinitely.

Buy the Dip? Crypto Bulls May Be Too Late

After painting a nasty looking June monthly candle, Bitcoin has risen once again above $11,000 and made another attempt at above $12,000. Yet the sentiment across the crypto market suggests that traders are leaning bearish, and expect Bitcoin to go back below $10,000 and potentially even go as low as $6,000. Extreme bears still exist calling for lows below $1,000, but there’s always extremes on both sides of the fence.

Related Reading | Crypto Analyst: Bitcoin Technical Indicator Struggles At This Range Before Bull Run 

But that “dip” everyone is looking to buy, may have already happened and buyers will be forced to suffer through FOMOing back in at a much higher price once Bitcoin refuels its jets and takes off once again.

$BTC This poll shows the majority are sitting on the sidelines in cash, praying for a bigger pull-back to get in. The max pain scenario from here is up. And the people sitting on the sidelines will be the FOMO-fuel to new highs. https://t.co/dpk3IfRjZ2

— Zen 🎈 (@Zen_Trades1) July 4, 2019

One crypto analyst says the “max pain” scenario would leave so many people wanting to buy cheap Bitcoin, but are later forced to buy it at much more expensive prices. Not only would the move cause much “pain” and losses for investors, but the later buying back in would only further drive the prices up higher, leaving those later to capitulate and buy at high prices stuck footing the highest bill.

Related Reading | Poll Shows Crypto Sentiment Overly Bearish, Contrarian Bitcoin Price Move Incoming 

The analysts comments were in reference to the results of a poll shared on Twitter by published author of An Altcoin Trader’s Handbook, Nik Patel. The poll showed 59% of respondents expecting Bitcoin below $10,000 once again, while a mere 23% said no. Another 18% simply selected to see the results of the poll, which could suggest the sentiment is even more bearish than the poll data suggests.

Will we ever seen $10,000 $BTC again?

— Nik (@cointradernik) July 4, 2019

Bitcoin dipped below $10,000 briefly last week, setting a local low of around $9,600, resulting in over a 30% drop from the local high of $13,800. 30% or more drops in the past have led to an average 153% rise afterwards. Should this happen, a new all-time high would be set from here at roughly $24,000 – and the FOMO from those waiting to buy the dip might be the buying frenzy that takes us there.

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

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Created by industry experts and meticulously reviewed
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