{"id":423576,"date":"2020-05-12T18:00:10","date_gmt":"2020-05-12T18:00:10","guid":{"rendered":"https:\/\/ktsl888.com\/?p=423576"},"modified":"2024-06-11T13:47:17","modified_gmt":"2024-06-11T13:47:17","slug":"bitcoin-expert-mentally-prepare-10000-may-take-another-100-days-to-break","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-expert-mentally-prepare-10000-may-take-another-100-days-to-break\/","title":{"rendered":"Bitcoin Expert: Mentally Prepare, $10,000 May Take Another 100 Days To Break"},"content":{"rendered":"<p>The <a href=\"\/tag\/bitcoin-halving\" rel=\"nofollow\">Bitcoin halving<\/a> occurred last night. The event that takes place nearly every four years in the past has set off a bullish chain of events that took the asset to a new all-time high.<\/p>\n<p>And while most crypto supporters expect the cycle to repeat, one Bitcoin expert is warning that it could take another over 100 days to reclaim the pre-halving peak of $10,000.<\/p>\n<h2>More Miner Capitulation Could Be Coming, But Is As Bullish As It Gets<\/h2>\n<p>In a<a href=\"https:\/\/ktsl888.com\/2020\/05\/12\/analysts-fear-extreme-post-halving-bitcoin-capitulation-why-this-isnt-bad\/\"> previous NewsBTC report<\/a>, CEO of Blockware Mining and hedge fund manager Matt D\u2019Souza warned that extreme capitulation is likely coming post-Bitcoin halving if the asset continues to trade sideways.<\/p>\n<p>The only way to prevent prices tanking as a result of miners capitulating is if a FOMO rally sparks within the next several days.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2020\/04\/28\/all-bitcoin-fundamentals-scream-buy-says-prominent-market-researcher\/\">All Bitcoin Fundamentals Scream \u201cBuy\u201d Says Prominent Market Researcher<\/a><\/strong><\/em><\/p>\n<p>$10,000 has acted as a &#8220;FOMO trigger&#8221; in the past, but Bitcoin price has made two failed attempts to stay above the critical level this year alone.<\/p>\n<p>Since the bear market started, the asset has traded very few weeks above that price. The next time Bitcoin holds above it, however, could be the last time the asset ever trades below five-digit prices again.<\/p>\n<h2>Another 100 Days of Sideways Possible Before Bitcoin Breaks $10,000<\/h2>\n<p>It may take <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> yet another 100 days before another attempt at $10,000 is made, according to past data. Post-halving capitulation in the past has caused a drop of 28%, followed by over three full months of trading sideways before a breakout occurred.<\/p>\n<p>A prominent Bitcoin expert warns that crypto investors should mentally prepare for such a scenario.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">During the 2016 halving, the price went sideways for 9 days and then had a 28% drop, and it took 100 days to get back to the halving price.  Mentally prepare yourself for the efficiency cleansing and difficulty adjustment as the protocol prepares all passengers for launch. <a href=\"https:\/\/t.co\/5dNcs0ZnJ1\" rel=\"nofollow\">pic.twitter.com\/5dNcs0ZnJ1<\/a><\/p>\n<p>&mdash; Preston Pysh (@PrestonPysh) <a href=\"https:\/\/twitter.com\/PrestonPysh\/status\/38725377?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 12, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>That breakout, however, sparked the next bull market and took Bitcoin price to $20,000. A breakout above $10,000 may be worth waiting for if the cycle starts again and the cryptocurrency trades towards a new all-time high.<\/p>\n<p>Each halving <a href=\"https:\/\/ktsl888.com\/2020\/05\/12\/analysts-fear-extreme-post-halving-bitcoin-capitulation-why-this-isnt-bad\/\">cuts the BTC block reward miners receive in hal<\/a>f. The reward just dropped from 12.5 BTC to 6.25 BTC overnight, but the cost in energy to add each new block to the blockchain remains the same until difficulty drops.<\/p>\n<p>Difficulty only drops when miners capitulate and shut down their machines. This happens when profitability goes out the window, and less efficient miners are forced to sell their BTC.<\/p>\n<p>Each halving caused a purge of the least efficient miners putting the most sell pressure on the market. Although there may be another 100 days of this balancing out, the end result is extremely bullish.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2020\/04\/28\/sell-bitcoin-in-may-and-go-away-ominous-june-event-could-cause-crash\/\">Sell Bitcoin in May and Go Away? Ominous June Event Could Cause Crash<\/a><\/strong><\/em><\/p>\n<p>With less efficient miners out of the way, more efficient miners hold onto their BTC to sell it at much higher prices during the next bull market peak. But its that holding process itself that appears to kickstart each bull market.<\/p>\n<p>Once those 100 days are up, <a href=\"https:\/\/ktsl888.com\/2020\/05\/12\/analysts-fear-extreme-post-halving-bitcoin-capitulation-why-this-isnt-bad\/\">Bitcoin<\/a> could see a new all-time high.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin halving occurred last night. The event that takes place nearly every four years in the past has set off a bullish chain of events that took the asset to a new all-time high. And while most crypto supporters expect the cycle to repeat, one Bitcoin expert is warning that it could take another over 100 days to reclaim the pre-halving peak of $10,000. More Miner Capitulation Could Be Coming, But Is As Bullish As It Gets In a previous NewsBTC report, CEO of Blockware Mining and hedge fund manager Matt D\u2019Souza warned that extreme capitulation is likely coming post-Bitcoin halving if the asset continues to trade sideways. The only way to prevent prices tanking as a result of miners capitulating is if a FOMO rally sparks within the next several days. Related Reading | All Bitcoin Fundamentals Scream \u201cBuy\u201d Says Prominent Market Researcher $10,000 has acted as a &#8220;FOMO trigger&#8221; in the past, but Bitcoin price has made two failed attempts to stay above the critical level this year alone. Since the bear market started, the asset has traded very few weeks above that price. The next time Bitcoin holds above it, however, could be the last time the asset ever trades below five-digit prices again. Another 100 Days of Sideways Possible Before Bitcoin Breaks $10,000 It may take Bitcoin yet another 100 days before another attempt at $10,000 is made, according to past data. Post-halving capitulation in the past has caused a drop of 28%, followed by over three full months of trading sideways before a breakout occurred. A prominent Bitcoin expert warns that crypto investors should mentally prepare for such a scenario. During the 2016 halving, the price went sideways for 9 days and then had a 28% drop, and it took 100 days to get back to the halving price. Mentally prepare yourself for the efficiency cleansing and difficulty adjustment as the protocol prepares all passengers for launch. pic.twitter.com\/5dNcs0ZnJ1 &mdash; Preston Pysh (@PrestonPysh) May 12, 2020 That breakout, however, sparked the next bull market and took Bitcoin price to $20,000. A breakout above $10,000 may be worth waiting for if the cycle starts again and the cryptocurrency trades towards a new all-time high. Each halving cuts the BTC block reward miners receive in half. The reward just dropped from 12.5 BTC to 6.25 BTC overnight, but the cost in energy to add each new block to the blockchain remains the same until difficulty drops. Difficulty only drops when miners capitulate and shut down their machines. This happens when profitability goes out the window, and less efficient miners are forced to sell their BTC. Each halving caused a purge of the least efficient miners putting the most sell pressure on the market. Although there may be another 100 days of this balancing out, the end result is extremely bullish. Related Reading | Sell Bitcoin in May and Go Away? Ominous June Event Could Cause Crash With less efficient miners out of the way, more efficient miners hold onto their BTC to sell it at much higher prices during the next bull market peak. But its that holding process itself that appears to kickstart each bull market. Once those 100 days are up, Bitcoin could see a new all-time high.<\/p>\n","protected":false},"author":517,"featured_media":423579,"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":[428,8856,1144,78790,19371,6664,76835],"class_list":["post-423576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-halving","tag-btcusd","tag-btcusdt","tag-capitulation","tag-crypto","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Expert: Mentally Prepare, $10,000 May Take Another 100 Days To Break<\/title>\n<meta name=\"description\" content=\"The Bitcoin halving occurred last night. 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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. 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