{"id":405207,"date":"2019-11-22T14:44:39","date_gmt":"2019-11-22T14:44:39","guid":{"rendered":"https:\/\/ktsl888.com\/?p=405207"},"modified":"2019-11-22T14:44:39","modified_gmt":"2019-11-22T14:44:39","slug":"what-bull-run-bitcoin-price-blasts-below-7000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/what-bull-run-bitcoin-price-blasts-below-7000\/","title":{"rendered":"What Bull Run? Bitcoin Price Blasts Below $7,000"},"content":{"rendered":"<p>Following an incredible parabolic rally and recovery during the first half of the year in 2019, <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> has spent the second half of the year in an ongoing downtrend that has taken the price of the asset back into a range not traded in since the depths of the bear market.<\/p>\n<p>Does this mean that <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> has a lot longer to wait before it enters a bull market once again? Or is this just a shakeout before the market moves up once again?<\/p>\n<h2>Bitcoin Price Blasts Below $7,000, Is The Crypto Market in Trouble?<\/h2>\n<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> this morning smashed below $7,000 an is now <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">trading at roughly $6,950<\/a>, striking fear into the hearts of bullish crypto investors that had long thought the bear market was over.<\/p>\n<p>But with prices reaching former bear market levels, the integrity of the entire crypto market is now in question and any chance of Bitcoin&#8217;s next bull run beginning may be up in the air.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/11\/21\/could-plustoken-scam-be-responsible-for-broken-crypto-market-structure\/\">Could PlusToken Scam Be Responsible for Broken Crypto Market Structure?<\/a><\/strong><\/em><\/p>\n<p>According to the highly-cited Bitcoin stock-to-flow model, the crypto asset should be on pace to reach as much as $55,000 per BTC when the asset reaches its halving this coming May. While <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> may be known to surprise people and go on unstoppable parabolic rallies, rising from $6,000 to $55,000 in less than one year seems unrealistic at best.<\/p>\n<p>In fact, the recent price action doesn&#8217;t match with historic Bitcoin market cycle behaviors at all. Miners are capitulating \u2013 an occurrence that typically happens after each pre-defined halving as a result of having the block reward miners receive slashed by 50%, while operating costs only increase.<\/p>\n<p>One theory for this is that the <a href=\"https:\/\/ktsl888.com\/2019\/11\/21\/could-plustoken-scam-be-responsible-for-broken-crypto-market-structure\/\">PlusToken scam<\/a> that saw just under 200,000 BTC scammed from Chinese crypto investors may be to blame. The scammers have been selling Bitcoin into the market at a rate of 1300 BTC per week, causing an extreme imbalance of supply and demand.<\/p>\n<p>Another potential reason for the failed rally was due to market participants being so overly bullish on Bitcoin fundamentally, that it drove the price of the asset up too quickly, resulting in an echo-bubble or fractal of the 2017 crypto hype bubble.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/11\/21\/legendary-bitcoin-short-seller-says-to-watch-for-base-to-form-before-buying\/\">Legendary Bitcoin Short Seller Says To Watch For Base To Form Before Buying\u00a0<\/a><\/strong><\/em><\/p>\n<p>However, because the rally failed to break to a new all-time high, it also failed to capture the attention of the mainstream public once again. With no new money coming into the crypto market, and with plenty of money having left after being burned by the resulting bubble pop, Bitcoin has found itself once again looking for a bottom.<\/p>\n<p>According to macroeconomist Mark Dow, <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> needs to begin to <a href=\"https:\/\/ktsl888.com\/2019\/11\/21\/legendary-bitcoin-short-seller-says-to-watch-for-base-to-form-before-buying\/\">build a base<\/a> much like it did back at the start of the year before a bottom could be considered as &#8220;in.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following an incredible parabolic rally and recovery during the first half of the year in 2019, Bitcoin price has spent the second half of the year in an ongoing downtrend that has taken the price of the asset back into a range not traded in since the depths of the bear market. Does this mean that Bitcoin has a lot longer to wait before it enters a bull market once again? Or is this just a shakeout before the market moves up once again? Bitcoin Price Blasts Below $7,000, Is The Crypto Market in Trouble? Bitcoin price this morning smashed below $7,000 an is now trading at roughly $6,950, striking fear into the hearts of bullish crypto investors that had long thought the bear market was over. But with prices reaching former bear market levels, the integrity of the entire crypto market is now in question and any chance of Bitcoin&#8217;s next bull run beginning may be up in the air. Related Reading | Could PlusToken Scam Be Responsible for Broken Crypto Market Structure? According to the highly-cited Bitcoin stock-to-flow model, the crypto asset should be on pace to reach as much as $55,000 per BTC when the asset reaches its halving this coming May. While Bitcoin price may be known to surprise people and go on unstoppable parabolic rallies, rising from $6,000 to $55,000 in less than one year seems unrealistic at best. In fact, the recent price action doesn&#8217;t match with historic Bitcoin market cycle behaviors at all. Miners are capitulating \u2013 an occurrence that typically happens after each pre-defined halving as a result of having the block reward miners receive slashed by 50%, while operating costs only increase. One theory for this is that the PlusToken scam that saw just under 200,000 BTC scammed from Chinese crypto investors may be to blame. The scammers have been selling Bitcoin into the market at a rate of 1300 BTC per week, causing an extreme imbalance of supply and demand. Another potential reason for the failed rally was due to market participants being so overly bullish on Bitcoin fundamentally, that it drove the price of the asset up too quickly, resulting in an echo-bubble or fractal of the 2017 crypto hype bubble. Related Reading | Legendary Bitcoin Short Seller Says To Watch For Base To Form Before Buying\u00a0 However, because the rally failed to break to a new all-time high, it also failed to capture the attention of the mainstream public once again. With no new money coming into the crypto market, and with plenty of money having left after being burned by the resulting bubble pop, Bitcoin has found itself once again looking for a bottom. According to macroeconomist Mark Dow, Bitcoin price needs to begin to build a base much like it did back at the start of the year before a bottom could be considered as &#8220;in.&#8221; &nbsp; &nbsp;<\/p>\n","protected":false},"author":517,"featured_media":405208,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,8080,17267,2990],"class_list":["post-405207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-halving","tag-mark-dow","tag-mining"],"acf":[],"yoast_head":"\n<title>What Bull Run? 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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\u2019s 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\u2019s 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\u2019s 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.\",\"sameAs\":[\"https:\/\/coinchartist.io\/\",\"https:\/\/www.instagram.com\/coinchartist_io\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC\",\"https:\/\/www.youtube.com\/@coinchartist_io\"],\"url\":\"https:\/\/ktsl888.com\/author\/tonymspilotro\/\"}]}<\/script>\n","yoast_head_json":{"title":"What Bull Run? 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