Is The Bottom In? Bitcoin Price (BTC) Has Nearly Doubled Since Bear Market Low

Tony "The Bull" Severino

6 years ago

2 mins read

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The current price action across the crypto market, especially when it comes to Bitcoin, has both bears and bulls alike in disbelief. Following the longest and among the most painful bear markets yet, both sides have become accustomed to rallies being swatted down the moment any confidence in the market has returned.

But in recent days, shorts have piled on, while the price has only increased. Bears are being taken by surprise as Bitcoin inches closer to the $6,000 resistance level that once played important support during the first half of the bear market. The current Bitcoin price is trading up nearly double from its 2018 low of $3,150 – does such growth suggest the bear market bottom is actually behind us?

Bitcoin Price Has Nearly Doubled Since $3,150 Bear Market Low

Overnight last night, Bitcoin climbed higher to above $5,700 following an early April rally that sent the price of the leading crypto by market cap up by over $1,000 in the course of an hour.

Most traders and analysts had been expecting a pullback due to overbought indicators, bear divs, and the cryptocurrency being overdue for some consolidation after such a powerful upward movement. Fears and uncertainty surrounding Tether and Bitfinex drama had only added to the bearish sentiment.

But regardless of the confusion and disbelief across the market, the rally continues on. Some crypto analysts attribute the buy pressure to investors fleeing the once safe-haven stablecoin Tether, selling the asset into Bitcoin and other cryptocurrencies to send them off of Bitfinex, and away from potential risk.

Whatever the reasoning is for the continued bullish momentum in Bitcoin price charts, it’s becoming more and more probably that the bear market bottom is behind us, and that a new bull market may be in the beginning stages.

If The Bottom Is Behind Us, Most Crypto Investors Missed Buying It

If the bottom of the longest ever Bitcoin bear market is now in the past, most investors missed their chance to buy it.

https://twitter.com/josh_rager/status/1124098456224768002?s=12

According to volume analysis below $3,400 in Bitcoin price charts, volume data shows that buyers were hesitant to buy at the extreme lows. Crypto analyst Josh Rager speculates that most traders missed the bottom either due to fear, or because the most bearish traders were waiting for lower prices – lower prices that never materialized.

While there are still a select few calling for sub-$3K prices in Bitcoin, much of the market has shed their bearish bias, and have since started to consider that a new bull market could be around the corner. With a convincing break of $6,000, Bitcoin can achieve 100% gains in a matter of six months following the final bear market bottom – if it is indeed it – which should signal that bull market type gains are returning to the cryptosphere once again.

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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.