Historical Data Shows Bitcoin Price Correction Could Last 5 More Months

Tony "The Bull" Severino

5 years ago

3 mins read

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While crypto investors and traders are ready for the next bull run to fully commence, Bitcoin price has once again been rejected from highs above $12,000 and is potentially looking at more downside in the coming days.

This is all normal, according to historic Bitcoin price charts, according to one crypto analyst, who says that past early bull market corrections have lasted roughly 200 days. If history repeats itself, which it often does, there could be another 5 months left for the current crypto market correction.

Bitcoin Price Correction Only 25% Complete According to Historical Data

Most crypto analysts agree, Bitcoin price action suggests the crypto asset is building a foundation in which it can use as a launchpad for the next bull run, and it’s just a matter of time until Bitcoin’s jets are refueled and the rocket takes off again to the moon.

But unfortunately, that still may be a ways off, according to one prominent crypto analyst. According to historical data, as Bitcoin bear markets turn bull, there’s often an extended reaccumulation phase or correction before moving on to take out new highs.

Data shows that each of these reaccumulation phases lasted from 189 to 201 days.

Bitcoin price was rejected at $13,800 on June 26, or 47 days ago. At 47 days into what could amount to a 200-day correction, the data would suggest that the current correction is only 25% complete, and could last until the end of December or early January.

All I Want for Christmas Is Cheap BTC! Could December Be The Bottom?

The data lining up with the correction ending in December or January also aligns with a number of different theories.

For example, crypto analyst Dave the Wave has been calling for an extended correction until the end of the year for some time now.

Who wouldn't want cheap Bitcoin for Xmas!🤪 pic.twitter.com/MsyueHWaNF

— dave the wave🌊🌓 (@davthewave) August 11, 2019

The above data suggests that even the Bitcoin market cycles as repeating lengths. Legendary trader W. D. Gann was also an advocate of history repeating itself and markets cycling, and used astrology to time the tops and bottoms of markets.

According to Gann’s theories, markets typically top and bottom in December and January, as well as July. While Gann’s theories are questionable and many believe his work to be nothing more than a hoax, Bitcoin price did top out in December 2017, only to bottom in December 2018.

Could Bitcoin price once again bottom in December 2019 offering up not only the gift of cheap Bitcoin at Christmas time but the gift of a renewed Bitcoin that could potentially top out the next December at a new all-time high in 2020.

Featured image from Shutterstock

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.