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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Psychology of a Market Cycle: Are Bitcoin Investors In Denial?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
bitcoin market cycle psychology

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There exists a schematic depicting the psychology driving the different stages of a market cycle, and it often gets shared in response to the current sentiment in Bitcoin markets.

According to the “Wall Street Cheat Sheet,” investors in the first-ever cryptocurrency could be in denial and will be caught off guard if Bitcoin falls significantly lower from here.

Where Is Bitcoin In The Current Market Cycle, According to Famous Cheat Sheet

All financial markets are cyclical, and it’s no different for Bitcoin and other crypto assets. After periods of extreme or sustained growth, often comes a retracement of a similar magnitude.

This is exactly what happened after the crypto hype bubble of 2017 popped, causing the irrational exuberance to turn into denial, panic, and later anger and despair. These emotions cause investors to capitulate and sell assets – often at a loss – shortly before the assets begin to rebound and the market cycle restarts once again.

Related Reading | Elliott Wave Theory Suggests Bitcoin May Be Due For Biggest Correction Yet

With Bitcoin, capitulation occurred in November 2018 when support at $6,000 broke down and the leading crypto asset by market cap fell 50% to $3,000 at its final low. Despair permeated the crypto industry, and companies began reducing headcount to prevent bankruptcy.

But come April 2019, Bitcoin began to grow once again, convincing many crypto investors the cycle was starting once again, and the cryptocurrency would be moving slowly toward a new all-time high.

Except Bitcoin was rejected at $14,000 – before it could set a new high – and is already in a downtrend once again.

But because Bitcoin has already “bottomed,” investors are confused about where the leading cryptocurrency by market cap is in the current market cycle.

Many argue that we’re still in the disbelief phase, and bearish investors are incorrect about their sentiment. Others say that Bitcoin investors are in a state of denial, and after the next drop, it would send sentiment into the depths of panic, anger, and despair before the cycle starts up once again.

Wonder how many of the people who laughed at my echo bubble chart in August are still laughing… https://t.co/4crpmF9Dq8 pic.twitter.com/cSXIJsfwY4

— A Voice of Reason in a Sea of Insanity (@sometrader78) January 9, 2020

The confusion may stem from the recent “textbook echo bubble” popping – a fractal showing similarities to the initial 2017 crypto hype bubble. Because this cycle is merely a mini-cycle mimicking the prior bubble cycle, it makes it difficult to understand exactly where we are in said cycle.

Related Reading | Former IMF Economist: Current Bitcoin Trend is “Textbook Echo Bubble”

If Bitcoin price continues to fall, it’ll be clear that the market is currently in a state of denial once again, and another round of capitulation could be next for the crypto market.

Until that happens, though, and prices begin to rise steadily once again, there will always be those in denial holding out hope that we’re elsewhere in the market cycle.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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