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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Crypto Analyst: Bitcoin Price Stuck Between Converging Moving Averages Until Mid-Year

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

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Traders, investors, and analysts are all watching Bitcoin price charts in hopes to better predict when the current crypto bear market ends and a new uptrend will resume.

One particular crypto analyst believes that the Bitcoin price will continue to be squeezed tightly together until at least mid-year, as it consolidates between two important converging moving averages.

Bitcoin Price Consolidating Between 200MA Support and 50MA Resistance

In mid-March, Bitcoin price decisively broke through the 50-week moving average following a failed inverse head and shoulders that created a double-top formation, sending BTC to retest its February 2018 low near $6K.

Days later, a “death cross” occurred. A death cross is an extremely bearish chart pattern in which an asset’s short-term moving average (50MA) crosses and falls below its long-term moving average (200MA).

Related Reading | Bottom Doesn’t Matter, Last Time General Population Can Afford Entire BTC

Those same two important moving averages are also responsible for Bitcoin’s tightening trading range, and according to one prominent crypto analyst, Bitcoin price will remain stuck between the 200MA and 50MA until at least “mid-year.”

Nothing changed since first post of the year. Predicting price to continue within the rapidly converging moving averages until mid-year. pic.twitter.com/hyuv8djM47

— dave the wave🌊🌓 (@davthewave) February 14, 2019

The 200MA has been acting as support since Bitcoin’s earliest days trading, while the 50MA has proven to be powerful resistance ever since the death cross occurred back in March of 2018.

The two points are “rapidly converging” according to Dave the Wave. The oft-cited analyst doesn’t expect to see a break of either moving average until at least mid-year. The mid-year prediction is further backed up by the monthly MACD, which Dave the Wave believes will turn up in roughly “six months.”

Simply look for the MACD to turn up… in six months. pic.twitter.com/VL3RmfNLqz

— dave the wave🌊🌓 (@davthewave) February 14, 2019

Should Bitcoin price break up as the two points converge, a golden cross will occur and an uptrend could resume. A golden cross is the exact opposite of the death cross, and typically indicates that there’s potential for a major rally to follow.

If Bitcoin price breaks down further below the 200MA, Bitcoin’s logarithmic growth curve as it is current charted will be broken and the long-term future of the asset will be called into question. The coming months will be especially important.

Bitcoin Price Logarithmic Growth Curve Could Point to $100K at Next Peak

While the first every cryptocurrency is in dangerous territory in its relation to the 200MA and its proximity to the logarithmic growth curve line, the good news is that if past peaks and troughs are repeated, the next Bitcoin all-time high could be somewhere near or above $100K.

Related Reading | Bitcoin Investors Are Underwater, But BTC Bounces Back Quickly 

The experienced chartist warns that the next peak “may take a few years” to reach, and like what happened at $20K and other past peaks, another major correction will occur.

The good, the bad, and the ugly of the logarithmic growth curve –

1] Up from here to 100K odd
2] May take a few years
3] may then face another major correction pic.twitter.com/f5EAPQGP2y

— dave the wave🌊🌓 (@davthewave) February 14, 2019

The analyst also suggested that Bitcoin’s price will continue to stabilize as the logarithmic growth curve flattens, or else it cannot be claimed to be “money.”

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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