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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

Bitcoin Price Breaks Below $30,000 Support, Erasing 2021 Rally

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin bloodbath crypto

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Bitcoin price is now below $30,000 for the first time since making the 2021 rally now a memory. The leading cryptocurrency by market cap first opened the year at around $28,800 – a price just touched during today’s crypto market bloodbath.

2021 btc open

The entire 2021 is now gone in a flash | BTCUSD on TradingView.com

Bitcoin Price Breaks Below $30,000

Bitcoin price is now back where it started in what had previously been its most bullish year on record, putting the greater bull rally at risk of turning full blown bear market if things trend any lower.

The downtrend has been sharp and fast, cutting crypto prices in half within just one month and setting one of the worst monthly closes on record.

Related Reading | The Missing Ingredient From A Full On Bitcoin Reversal

Bitcoin took a 50% loss while altcoins have dropped more than 70% in many cases. Sentiment turning so negative and an influx of coins reaching exchanges has now led to Bitcoin price plunging below $30,000 for the first time in 2021.bitcoin 12-month

Only a nasty gravestone doji is left on the 12-month | BTCUSD on TradingView.com

2021 Crypto Rally Now Erased, Has The Bull Market Concluded?

The leading cryptocurrency by market cap more than doubled in the first quarter of the year. The rally came to a climax just as Coinbase Global went public on the Nasdaq and crypto market exuberance was at its highest. Markets tend to reverse when participants least expect it, and money is being made easily.

Related Reading | Why Bitcoin Could Slingshot Back To Lows Before Gaining Momentum

Everything was going great for crypto – Elon Musk was about to host Saturday Night Live, but then the rug was pulled on investors. The selloff has also resulted in one of the ugliest yearly candles in the history of Bitcoin.

The current candle is a gravestone doji, which as the name sounds, can have deadly consequences. However, bulls still have five full months left in the year to make sure this bearish signal isn’t left behind.

bitcoin bearish

Could there be a similar reaction as the historic "China pump"? | BTCUSD on TradingView.com

Bitcoin price action, sentiment, and market structure all exhibit similarities to the last time the crypto market took a short-term pause. If something similar were to play out, with lows now swept and panic in the air, a bounce could be imminent.

That doesn’t necessarily mean the downtrend is over, as the rest of the pattern shows. But with $30,000 now broken and the market in extreme fear, anything is possible. A lack of short positions does suggest a squeeze similar to the last time around isn’t as likely, but there’s still time for bulls to prove that the bull market isn’t quite over yet.

Featured image by iStock Photos, Charts from TradingView.com
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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

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.

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