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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Crypto Analyst Expects Multi-Year Bear Market, Current Bitcoin (BTC) Range Isn’t Accumulation

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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Over the last couple of weeks, bullish sentiment has begun to return to the crypto market after months of ongoing downtrend. However, one prominent crypto analyst isn’t convinced by the rally, and instead expects Bitcoin (BTC)  to reach new lows sending the asset into multi-year bear market.

To make matters worse, the analyst also believes that the current trading range Bitcoin is in, isn’t accumulation, and will later become strong resistance that the number one crypto by market cap must break through down the road in order to spark a new bull run in across the emerging asset class.

Crypto Analyst: Current Rally Running Out of Steam, Expects Drop Back to Support

Prominent crypto analyst, trader, and investor, Josh Rager, is warning crypto market participants that the current rally that’s helped revive bullish sentiment across the space, is close to failing, and will cause Bitcoin to return to support and potentially reach new lows.

https://twitter.com/Josh_Rager/status/1097887728694448129

While Rager does propose that a sustained break and close above $4,100 would be “bullish” for Bitcoin and the crypto market as a whole, the analyst notes that the decreasing volume on weekly timeframes and higher are a bearish sign that the asset will drop back to retest support.

Related Reading | Bitcoin Bottom Doesn’t Matter, Last Time General Population Can Afford Entire BTC 

In recent days, Bitcoin has rallied over 20% from the $3,150 low set in December, causing the once despair-ridden market sentiment to turn. Investors remain skeptical given how $6K broke back in November, which caused the price of Bitcoin to plummet an additional 50%.

Multi-Year Bear Market for Bitcoin, Current Range Isn’t Accumulation

The analyst further speculates that the current trading range of $3K to $4K that Bitcoin is trapped in between isn’t accumulation, and is instead yet “another obstacle in a multi-year bear market.”

https://twitter.com/Josh_Rager/status/1098566301109415937

The current bear market, which is well into its second year, spent much of the time above support at $6K throughout 2018. Once that price floor broke, the market panicked and the price fell into the current range.

Related Reading | Crypto Analyst: Bitcoin Price Stuck Between Converging Moving Averages Until Mid-Year

The more an asset trades within a range, the strong the resistance becomes. If Bitcoin doesn’t manage to break through the psychological resistance at $4K, and continues to be rejected, the resistance will only become more powerful and require more energy to from bulls to break though.

Most analysts look to the 2014-2015 bear market to get an idea of where Bitcoin’s price may end up next. In that bear market, there was an extended accumulation range followed by a slow and steady climb back into a bull trend. Rager doesn’t believe we’re in that range just yet, and that “$3K is the new $6K” and is likely to fall through to another, final trading range, extending the bear market further for potentially another year or more.

Featured image from Shutterstock
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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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