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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Legendary Trader: Current Crypto Rally Must Hold Or More Serious Correction Is Coming

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
crypto bitcoin peter brandt trader

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A legendary professional trader who famously called Bitcoin’s drawdown from $20,000 to $3,000 with chilling accuracy is claiming that while things are looking bullish for the first-ever crypto asset, if any of the bullish factors he’s watching changes, it could result in a much more “serious correction.”

Peter Brandt Highlights Bullish Bitcoin Factors But Warns of a More Serious Correction

From late November and all through December into early January, Bitcoin painted a multi-month inverse head and shoulders pattern.

The bottoming price pattern confirmed, driving Bitcoin from lows around $6,400 to a high of $9,200.

Related Reading | How Bitcoin’s Recent Downtrend Could Have Tripled Your BTC Stack 

The rally also caused the first-ever crypto asset to break out of its downtrend channel, according to some analyst’s interpretation of the trend line.

Trend lines can be dangerous, as personal bias can often cloud where trend lines are drawn.

However, when it comes to legendary trader Peter Brandt, although he’s a self-proclaimed Bitcoin bull, his analysis is always unbiased.

In the past, he’s called for Bitcoin’s over 80% drawdown after its parabolic advance was broken in late 2017, resulting in a fall from $20,000 to $3,000.

The target was ultimately hit, earning Brandt additional clout across the crypto industry.

Now, the professional career trader has shared a new price chart showing Bitcoin’s recent breakout from the downtrend channel, and with it, he’s outlined a number of bullish factors.

Reasons to believe current correction in Bitcoin could hold
1. Retesting upper boundary of channel is normal
2. Retesting 18 DMA
3. No 3DTSR has been triggered
4. Jan 14 low remains intact
Should above items change, then more serious correction could occur$BTC pic.twitter.com/00O9wfv8h3

— Peter Brandt (@PeterLBrandt) January 24, 2020

These factors include a retest of the upper channel boundary, along with a retest of the 18-day moving average. Both of these retests are currently holding support.

Brandt also points out the January 14 low is still intact and unbleached, and the 3DTSR has yet to be triggered.

If First-Ever Crypto Maintains Momentum, Target is New All-Time High

The trader warns that should any of these above factors change, “then a more serious correction could occur.”

Recent discussion around Elliott Wave Theory hints that if the crypto asset loses the current momentum it has, it could result in a massive panic selloff to $1,000 before a new impulse wave upward begins.

A drop to $1,000 would be the serious correction that Brandt is warning about.

Related Reading | Shock and Awe: Bitcoin Losing Momentum Could Result in Elliot Wave Correction to $1,000

But before bulls begin to panic, there’s on saving grace on Brandt’s latest chart: an upside target of $21,398 – and a new all-time high for Bitcoin.

As Brandt points out in a later tweet, charts are “constantly morphing” and exact trend lines are usually only clear after the fact. It’s the trader’s way of saying that even his charts, despite his over 30 years of trading success, could be drawn incorrectly. And with a market as speculative as crypto, anything is possible.

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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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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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