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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

How the Dow’s Fractal of Doom Could Take Bitcoin to $1,000

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bicoin FTX Multicoin

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Throughout 2020 thus far, Bitcoin has been showing a tight correlation with major stock indexes like the Dow Jones and the S&P 500.

If this continues, and a “fractal of doom” plays out on the Dow Jones, it could spell complete and utter disaster for Bitcoin and the rest of the crypto market as well, potentially causing BTC to drop to nearly $1,000.

The Coronavirus and the Coming Recession Cause Massive Panic Sell0ff

While the cryptocurrency asset class was once often pointed at as an uncorrelated asset class for traditional equities investors to diversify their portfolio with, throughout the year so far, Bitcoin has shown its closest correlation with the stock market yet.

Once the coronavirus was officially dubbed a pandemic by the World Health Organization and the Center for Disease Control and began to spread across the globe, a massive liquidity crisis unfolded as investors scurried to cash out any assets they hold to prepare for the coming storm.

The highly contagious and deadly virus has already shut down travel, businesses, schools, and much more, and essentially frozen the economy in place.

The coming recession, as a result, has investors fleeing their holdings for safer havens like cash or gold.

The stock market took an absolute beating, causing the largest drop since 1987. With Bitcoin and cryptocurrencies showing such correlation, they also suffered a record-breaking drop.

And if a potential fractal on the Dow Jones plays out, Bitcoin and the rest of the crypto market could be in serious trouble.

The Dow Jones Fractal of Doom Could Take Bitcoin to $1,000

Markets and even economies are cyclical. Just as financial markets cycle through bear and bull, economies cycle through periods of prosperity and recession.

According to some of the most iconic market cycle theorists, economies reset every 90 years or so. The last major economic setback was the Great Depression, which started with a massive stock market collapse in 1929, and lasted all throughout the 1930s.

It’s now 90 years later, and the Dow Jones is exhibiting the early signs of a pattern that took place back then, triggering the worst economic depression the world has witnessed.

Dow monthly:

Fractal of Doom.

Is the sky falling? pic.twitter.com/6HtWwJ5qTY

— Nunya Bizniz (@Pladizow) March 30, 2020

And if this fractal of doom confirms in the Dow, and Bitcoin continues to follow, the first-ever cryptocurrency could be in for a world of hurt.

The Dow Jones would be in for a nearly 80% decline from current levels. A similar drop for Bitcoin would take the price of the cryptocurrency back to just over $1,000 – which eerily coincides with the previous bull market’s cycle top from 2014.

Related Reading | Historic Recurrence: Will Bitcoin Bottom At Its Previous All-Time High?

Many theories point to Bitcoin retracing to that previous top to confirm resistance as support from many years ago. However, such a move would be devastating for crypto investors who already have held through an over two years of a bear market, only to have the asset plummet in value further.

But this is all depending on both Bitcoin staying correlated to the Dow, and for this fractal of doom to confirm.

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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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