June Moon: Bitcoin Fractal From Same Exact Time Last Year Targets Over $15,000

Tony "The Bull" Severino

5 years ago

2 mins read

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After repeated attempts, Bitcoin has been unable to break through resistance at $10,000. However, a fractal that matches up nearly perfectly with price action from exactly one year ago, could point to the leading cryptocurrency by market cap finally breaching the key level, and pushing higher to $15,000.

First-Ever Cryptocurrency Cannot Break Above $10,000, Consolidation Continues

Bitcoin has historically shown strong performance during the month of June. Last June alone, the crypto asset had an over 50% spike from under $10,000 to as high as $14,000, before a strong rejection started a new downtrend in the asset class.

The leading cryptocurrency eventually bottomed out once again at under $4,000 and has since been on a steady incline, recovering almost all of the momentum lost from Black Thursday.

A strong rally began in April, just like the year prior, which continued all throughout May. The sell in May and go away strategy that many stock market analysts advocate, would have caused many investors to miss out on the pre-halving rally.

Post-halving, however, things have been difficult to read.

The market has never been more bullish. Institutions are finally taking notice, and each day there’s another major player in the financial space talking about Bitcoin.

Yet, miners, an important piece of the overall puzzle that is the asset’s underlying fundamental health, are only increasing the BTC they sell into the market.

And although just one firm is buying up most of the newly minted Bitcoin, price still can’t break above resistance.

However, a fractal that matches up perfectly with the same price action at the same exact time last year, appears to indicate that Bitcoin is about to blast through resistance and make a run for $15,000.

https://twitter.com/bitboxed/status/1268604778113896448?s=21

Fractal From Last June Rally Points To Bitcoin Pumping To $15,000

Upon comparing the price action between last June and now, things look strikingly similar. A strong rejection from profit-taking once Bitcoin met resistance caused an initial drop, that was quickly bought back up. Eventually, an inverse head and shoulders-like chart pattern began to form.

But rather than the right shoulder push to the downside to confirm the pattern, the right shoulder spikes upward through resistance.

If the same fractal plays out yet again this June, it would cause a push to over $10,00 followed by a parabolic rise to over $15,000.

$bitcoin btcusd fractal june$

Comparing past parabolic advances, the June 2019 advance held support just above the final parabolic base during the 2017 rally. The June 2020 pump is now consolidating just above support left behind from the June 2019 final parabolic base.

If Bitcoin can hold support here, it may use the former parabolic base as a launchpad to push higher, much as it has in the past.

Will history repeat in Bitcoin once again?

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.