Bitcoin Price Could Break Up From Multi-Month Bull Flag

Tony "The Bull" Severino

1 year ago

3 mins read

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Bitcoin price has been consolidating since June, after it was rejected from former bear market resistance at $13,800 – stopping Bitcoin’s parabolic advance short of retesting its previous all-time high of $20,000.

And while many crypto technical analysts say that Bitcoin price is trapped in a triangle – either descending or symmetrical – another crypto analyst says that Bitcoin has formed what is a multi-month bull flag, that is close to breaking up.

Bitcoin Price Forms Massive Bull Flag, Target: New All-Time High

The daily Bitcoin price chart can be interpreted in a number of ways. It’s clear that Bitcoin has been in a tight trading range between $13,000 and $9,000, with $10,000 acting as critical support, however, analysts are divided as to the shape of the technical analysis chart pattern that price action has formed.

Related Reading | Bitcoin Begins Forming Coveted Bull Cross

Some prominent analyst claim that Bitcoin price is in a symmetrical triangle, which could break up or down, or a descending triangle – a formation that during the bear market broke down and took Bitcoin to its eventual bottom at $3,200. However, one crypto analyst believes that the pattern on the daily XBT – BTC contracts on leverage – chart is actually a multi-month bull flag, that is close to the top of the pattern and could break up in the days ahead.

$BTC Daily Update ($XBT)

I have been posting this bull flag for almost 2 months now.

👀👀👀👀👀👀👀👀👀👀👀👀👀👀👀👀👀👀 pic.twitter.com/tB4oP4m84r

— The Wolf Of All Streets (@scottmelker) September 6, 2019

Bull flags are – as they sound – bullish chart patterns that typically suggest strong continuation in the asset exhibiting the structure. Bull flags are formed when a powerful break up from resistance occurs, taking bears by surprise. This forms a pole, then later price consolidates under the next resistance level before breaking up once again.

Bull flags are often downward sloping, which gives bears the impression that they are in charge, but are later left in shock once the flag breaks up and forces bears to close their losing positions, further driving up the price.

Should this occur, Bitcoin price would need to break up and above $11,000, and continue higher. The momentum should be enough to cause the leading crypto by market cap to break above its previous 2019 high at just under $14,000.

A break of $14,000 would almost certainly cause FOMO, as traders and investors would be certain Bitcoin price was heading into its next bull run full force – something that no one would want to miss out on.

During the last bull run, after Bitcoin price bested its previous all-time high, it went on to provide almost 20x returns. Even 10x from current prices would put the price per BTC at $100,000. Most crypto investors Bitcoin price to reach this value easily, and potentially reach $1 million per BTC in the future, so as wild as $100,000 sounds, it’s still a realistic expectation for the crypto asset known for going parabolic.

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.