Capital Manager: Bitcoin Holding Above $52K Puts Crypto On Track For $100K

Tony "The Bull" Severino

1 year ago

3 mins read

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Bitcoin price has retraced by more than 10% following new record highs set over the weekend, however, according to one capital manager, the cryptocurrency holding above $52K would keep price action within a long-term rising bull channel.

If that happens, the first ever cryptocurrency will remain on track for $100K or more in the coming months ahead. Here’s a closer look at the bullish uptrend channel keeping the ongoing rally afloat, and what might happen next.

Bitcoin Must Hold Bull Trend Channel At $52K, Claims Capital Manager

Speculation over Bitcoin price action has turned from blasting toward new highs to correction. The leading cryptocurrency by market cap bled out more than 10% in a sharp move overnight, which could be the start of some deeper downside.

But as long as Bitcoin price holds above $52K, according to Vailshire Capital CEO Jeff Ross, a long-term, parallel bull channel will remain in tact.

The parallel uptrend channel, according to Ross’ chart, began with a breakout above the former all-time high at $20K Since then, price action has ping-ponged within the rising, bullish channel, taking the asset to three-times that former peak.

Bitcoin price is still trading well within the parallel bull trend channel | Source: BTCUSD on TradingView.com

Crypto Correction Within Larger Bull Trend “Confines,” Track To $100K Intact

Ross also says that if this uptrend channel holds, Bitcoin price is well on its way to prices of $100K per coin or higher in the coming months all based on the current technical picture.

Fundamentally, Ross says that on-chain metrics such as address growth and blockchain activity are bullish, and the macro environment is “wildly bullish” for Bitcoin.

The comment is likely in reference to that fact that the US government just issued another trillion dollar stimulus package, in which checks will begin showing up in the accounts of potential crypto investors this week.

Ongoing monetary supply expansion and fresh and free capital ready to flow into the cryptocurrency’s market cap, could keep the price per coin increase coming.

Several technicals are also favoring bears, which could make for an interesting and volatile few weeks ahead and March comes to a close.

Bitcoin is indeed “wildly bullish” by most standards, however, March is the worst month in the asset’s short history, and there are bearish divergences stacking on the quarterly candle closing at the end of the month for the first time ever.

Can the bullish uptrend channel Ross points out withstand the factors above, and can stimulus money keep the macro environment far too bullish for bears to gain an edge?

Featured image from Deposit Photos, Charts from TradingView.com

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.

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