Gann Theory Suggests Bitcoin Price at “Do or Die” Moment, Important Pivot Ahead

Tony "The Bull" Severino

1 year ago

3 mins read

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Bitcoin price continues to struggle to regain the bullish momentum it had during the parabolic climb above $10,000, but bears have also been unable to push the price of the leading crypto asset by market cap any lower, resulting in an impasse that is playing out in recent price action.

The indecision may have been easily predicted, using Gann theory – the practice of using mathematics, geometry, and time to predict price movements in stocks and other financial assets – according to one analyst’s “Gann chart.” The same chart also appears to suggest that Bitcoin price is at a critical “do or die” moment that will define the months to come.

Gann Charts Could Help Predict Bitcoin Price Targets, Timing, and More

In the early 1900s, long before digital currencies, trading bots, online trading, or advanced charting software, there was a legendary trader named William Delbert Gann. Gann used unorthodox techniques such as astrology, moon phases, key dates, and more, combined with ancient mathematics centered around geometry and the golden ratio.

Gann was a polarizing figure, going down in history books as both a crook who peddled hoax-like theories that had little merit and as the greatest trader to ever live. Today, Gann’s theories are just as controversial, but still used by believers with success.

Found this old Gann chart from May 2018. Damn, last time I checked this one was around November. Do or die? 👀 $BTC pic.twitter.com/grKdtK3WG9

— Joe Mitoshi 🧑‍🚀 (@CryptoSays) August 9, 2019

One analyst, Mitoshi Kaku, whose analysis is often steeped in complex theories like those Gann taught, has resurfaced an “old Gann chart” the analyst had created in May 2018 – over a year prior. With updated Bitcoin price action from the rest of 2018 and 2019 thus far added to the chart, the Gann angles – which act as supports and resistances – are showing what looks like a “do or die” moment for Bitcoin.

Gann Pivots Suggest Big Move is Coming in King of Crypto

Gann theory suggests that the angles on a chart can help predict the time of certain movements. Gann called these “pivots.”

According to Kaku’s analysis, the next “Gann Pivot” occurs around August 11 and 12 – or this coming Sunday and Monday. The analyst also shared a look at how past Gann Pivot led to strong trend changes or powerful price reactions, giving credence to the theory.

Great bounce at $11460 and the support holding strong! Gann trend line update here too. Cautious on the daily close tho, price might be forming a potential "Bearish Harami" reversal candle pattern. 👀SL will take care of that. meanwhile I'm keeping my longs. $BTC #Gann pic.twitter.com/upOHrztNXl

— Joe Mitoshi 🧑‍🚀 (@CryptoSays) August 8, 2019

Using Gann theory, Kaku also provided some important price targets to watch for. A break of $13,146, he says, will end “accumulation” and start the real bull phase. Below $9894, “bears take over.” This is all based on the “Gann Median Yearly,” which currently sits at $11,500.

$11,500 is also a critical weekly close and Bitcoin price level that hasn’t seen a weekly close since January 2018. If that important level is breached with strength with a weekly close, Bitcoin will be preparing its jets for its greatest bull run of all-time.

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.

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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.