{"id":457407,"date":"2021-02-23T20:00:08","date_gmt":"2021-02-23T20:00:08","guid":{"rendered":"https:\/\/ktsl888.com\/?p=457407"},"modified":"2024-06-11T14:13:32","modified_gmt":"2024-06-11T14:13:32","slug":"bitcoin-btc-bear-phase-near","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-bear-phase-near\/","title":{"rendered":"This Unique Take On Bitcoin Suggests A Bear Phase Is Near"},"content":{"rendered":"

Bitcoin<\/a> just experienced one of its steepest corrections in months, and one of only a handful of pullbacks since the uptrend began. However, one unique perspective on the cryptocurrency’s long-term price chart suggests that another bear market could be incoming as volatility in the asset dwindles over time.<\/p>\n

The idea is based on the leading cryptocurrency by market cap nearly reaching to top of a logarithmic growth channel one highly accurate analyst has charted. Here’s a look at this unique take on the Bitcoin price action ahead.<\/p>\n

Bitcoin Bulls Finally Run Into A Wall After Whale Sparks Selloff<\/h2>\n

After touching nearly $60,000<\/a> over the weekend, Bitcoin price has fallen as deep as $45,000 per coin in just days since the week started.<\/p>\n

The drop was prompted by a whale moving 28,000 BTC worth $1.6 billion at the time, to crypto exchange Gemini.<\/p>\n

Related Reading | Forget 2021, Here\u2019s How High Bitcoin Price Can Go By 2026<\/a><\/strong><\/em><\/p>\n

The selloff is among the deepest corrections the cryptocurrency has seen since last March, when the price shed over 70% in a matter of days. But could it be the<\/em> top of the current rally<\/a>?<\/p>\n

According to the logarithmic growth curve drawn by long-term chartist Dave the Wave<\/a>, the peak of this cycle could be near, and another bear market could be almost as close.<\/p>\n

\"bitcoin<\/p>\n

According to the top of the curved channel, Bitcoin's uptrend could be over... for now. | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Beware of Bear, Says Highly Accurate Crypto Analyst<\/h2>\n
Using the same model, Dave the Wave called the bottom of the bear market<\/a>, so why couldn’t the same model predict the peak? If the current uptrend’s peak reaches the top trendline of the\u00a0logarithmic growth curve, the distance from the near-term peak would be very close.<\/p>\n
Each time Bitcoin price has touched the top trendline in the past, a bear market followed. And if some reason Bitcoin sells off stronger than the current correction from here, a bear phase will technically already have begun<\/a>.<\/p>\n
Related Reading | Why March Is The Bloodiest Month In Bitcoin History<\/a><\/strong><\/em><\/p>\n
Either way, after rising so sharply, the log growth curve seems to indicate that some correction is due<\/a> one way or another. As Dave the Wave also elaborates<\/a>, each cycle’s drawdown was set at a 33-degree slope. If the same angle trend happens with the current correction, the bottom would be hit when Bitcoin touches down at $20,000 again eventually.<\/p>\n
What’ll it be? A retest of $20,000 to complete the next “bear market” before moving higher, or will this model be proven ineffective for the first time in the asset’s history?<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin just experienced one of its steepest corrections in months, and one of only a handful of pullbacks since the uptrend began. However, one unique perspective on the cryptocurrency’s long-term price chart suggests that another bear market could be incoming as volatility in the asset dwindles over time. The idea is based on the leading cryptocurrency by market cap nearly reaching to top of a logarithmic growth channel one highly accurate analyst has charted. Here’s a look at this unique take on the Bitcoin price action ahead. Bitcoin Bulls Finally Run Into A Wall After Whale Sparks Selloff After touching nearly $60,000 over the weekend, Bitcoin price has fallen as deep as $45,000 per coin in just days since the week started. The drop was prompted by a whale moving 28,000 BTC worth $1.6 billion at the time, to crypto exchange Gemini. Related Reading | Forget 2021, Here\u2019s How High Bitcoin Price Can Go By 2026 The selloff is among the deepest corrections the cryptocurrency has seen since last March, when the price shed over 70% in a matter of days. But could it be the top of the current rally? According to the logarithmic growth curve drawn by long-term chartist Dave the Wave, the peak of this cycle could be near, and another bear market could be almost as close. According to the top of the curved channel, Bitcoin’s uptrend could be over… for now. | Source: BTCUSD on TradingView.com Beware of Bear, Says Highly Accurate Crypto Analyst Using the same model, Dave the Wave called the bottom of the bear market, so why couldn’t the same model predict the peak? If the current uptrend’s peak reaches the top trendline of the\u00a0logarithmic growth curve, the distance from the near-term peak would be very close. Each time Bitcoin price has touched the top trendline in the past, a bear market followed. And if some reason Bitcoin sells off stronger than the current correction from here, a bear phase will technically already have begun. Related Reading | Why March Is The Bloodiest Month In Bitcoin History Either way, after rising so sharply, the log growth curve seems to indicate that some correction is due one way or another. As Dave the Wave also elaborates, each cycle’s drawdown was set at a 33-degree slope. If the same angle trend happens with the current correction, the bottom would be hit when Bitcoin touches down at $20,000 again eventually. What’ll it be? A retest of $20,000 to complete the next “bear market” before moving higher, or will this model be proven ineffective for the first time in the asset’s history? Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":457413,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-457407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nThis Unique Take On Bitcoin Suggests A Bear Phase Is Near<\/title>\n<meta name=\"description\" content=\"Bitcoin just experienced one of its steepest corrections in months, and one of only a handful of pullbacks since the uptrend began. 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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\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Unique Take On Bitcoin Suggests A Bear Phase Is Near","url":"http:\/\/ktsl888.com\/news\/bitcoin-btc-bear-phase-near\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-btc-bear-phase-near\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/02\/bitcoin-bear-market-Depositphotos_101050930_xl-2015-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/02\/bitcoin-bear-market-Depositphotos_101050930_xl-2015-scaled.jpg?fit=2560%2C1810"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2021-02-23T20:00:08Z","datePublished":"2021-02-23T20:00:08Z","dateModified":"2024-06-11T14:13:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Unique Take On Bitcoin Suggests A Bear Phase Is Near\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-btc-bear-phase-near\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-btc-bear-phase-near\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/bitcoin-bear-market-Depositphotos_101050930_xl-2015-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/bitcoin-bear-market-Depositphotos_101050930_xl-2015-scaled.jpg?fit=2560%2C1810\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2021-02-23T20:00:08Z\",\"datePublished\":\"2021-02-23T20:00:08Z\",\"dateModified\":\"2024-06-11T14:13:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/02\/bitcoin-bear-market-Depositphotos_101050930_xl-2015-scaled.jpg?fit=2560%2C1810","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/457407"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=457407"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/457407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/457413"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=457407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=457407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=457407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}