Top Trader: Recent Crypto Collapse Is Just Turbulence Before Takeoff

Tony "The Bull" Severino

5 years ago

3 mins read

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The crypto market is at a critical inflection point, where the future fate of the emerging asset class lies in the balance.

The recent volatility and rise to new local highs followed by a steep crash is nothing more than turbulence before the rocket ship has taken off into a new bull market, according to one top crypto trader known for his unrivaled accuracy.

Crypto Trader: Recent Price Action Is Turbulence Before Takeoff

Bitcoin and altcoins started off the year with a massive surge, but heightening fears over the spread of the coronavirus and its impact on the greater global economy prompted a massive selloff across all financial markets, including crypto.

The extreme rise followed by a steep drop has market participants confused, wondering if the promised land and bull market is really around the corner, or if the young asset class is due to fall back into another extended bear market trend.

One crypto trader, known for his long-term models and advocacy of patience when taking positions investing in Bitcoin, believes that this is essentially the calm before the storm or the “turbulence before take-off.”

The comment is in reference to Bitcoin potentially refueling its rocket ship for its next moon mission.

After the leading crypto asset by market cap reached an all-time high in late 2017, the entire asset class fell into a deep, arduous downtrend that took Bitcoin from $20,000 to $3,000.

There, the analyst in question called Bitcoin’s bottom, riding the ‘wave’ all the way to the top o the rally where the analyst claimed the asset was overextended and overheated, and ready to fall.

His stance was contrary to most of the market at the time but was later proven correct.

This is it. The turbulence before take-off…. pic.twitter.com/4RtAVaoPXy

— dave the wave🌊🌓 (@davthewave) March 1, 2020

Again, the same trader called for the recent “bottom” at around $6,400, where the crypto asset class launched higher, gaining as much as 60% year-to-date before the correction first began.

During the collapse, Bitcoin price fell to a low of $8,300, but as the trader says, it’s just a bump in the road before the bull market really gets started for the king of cryptocurrencies.

Weathering the Storm Could Lead to Life-Changing Profit

Bitcoin is often the primary driver of the market, and once it is primed for upside performance once again, altcoins like Ethereum, Litecoin, and XRP, will surely follow.

Bitcoin is predicted to reach prices of $100,000 or more per BTC, and altcoins in the past have risen thousands of percentages when Bitcoin breaks above its former all-time high.

For now, buckle-up – according to the analyst, it’s going to be a bumpy ride for the foreseeable future. Those who can withstand the bumps in the road will likely be able to take the ride all the way to a new all-time high.

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.