April Showers Could Blossom Return Of Bitcoin Bull Run This May

A storm monthly of April is now in the past, and although the forecast was looking glooming for Bitcoin for a while there, bulls are breaking through the clouds and it could blossom another bullish impulse higher.

Here’s a closer look at the technical Indicator that suggests the top crypto is back to bull mode after a few rainy days. We’ll also learn for sure if the phrase “April showers brings May flowers” is true.

Will A Stormy April Bring A Bountiful May For Bitcoin?

The idiom “April showers bring May flowers” stems from a proverb first recorded in 1886 that fully reads “March winds and April showers bring forth May flowers.”

For Bitcoin, a windstorm in March sent the cryptocurrency to historic highs, but things turned cloudy come April – a month know historically for its rain showers.

Related Reading | Bears Salivate As Bitcoin Monthly Close Leads To Indecision

Inclement weather in early Spring however waters the soil in which new life grows. Could the same idea apply to the bull market? After a month of indecision to close out April, the clouds are starting to part and it could lead to brighter days ahead for Bitcoin once again.

bitcoin ichimoku daily

Bitcoin has reclaimed the cloud and is trying to hold as support | Source: BTCUSD on TradingView.com

What The Ichimoku Indicator Says About The Crypto Bull Run Continuing

The Ichimoku indicator is an in-depth technical tool offering an “at a glance” look at the market. The cloud grows or shrinks with volatility, and depending on which lines are crossed over the other, it can signal when the asset is bullish or bearish.

The cloud itself and the lagging span marked in green behind the price action, also can indicate where support or resistance might lie.

Related Reading | Creator Of Flawless Top Indicator Says Bitcoin Isn’t Done, Despite Signal

The cloud, or kumo had acted as support for Bitcoin in late April, but eventually lost support. Only one daily candle closed outside the cloud, suggesting a possible bear trap was successful.

After a struggle, bulls have pushed BTCUSD back above the cloud which is now attempting to hold as support. At the same time, resistance in the area is strong as shown by the arrow above the lagging span. There’s also been a bearish crossover of the Tenkan-sen and Kijun-sen, and kumo twist – both signs that sunny days aren’t quite here just yet.

bitcoin ichimoku weekly

Finding support on the weekly cloud kicked off the bull run | Source: BTCUSD on TradingView.com

Holding above the cloud is crucial to another leg up in Bitcoin. On weekly timeframes, it was the signal that set off the most recent bullish impulse in the first place. It is now up to the daily cloud to keep it going.

Can Bitcoin price action remain above the clouds and push to the heavens higher?

Featured image from Pixabay, Charts from TradingView.com

Creator Of Flawless Top Indicator Says Bitcoin Isn’t Done, Despite Signal

One of the biggest arguments going on across crypto right now, is whether or not Bitcoin price action has topped out for this cycle. After a tremendous run, a peak could very well be here, and there are several indicators that back up this theory.

The creator of one of those indicators, and one that boasts a flawless track record, believes that although the signal has appeared, there’s room for another – later rally that will cause the signal to show once again sooner than expected.

Picking Out Peaks In Crypto Has Always Been As Easy As Pi

Around April 13, a rare top-sniping indicator signaled that the top was in for Bitcoin’s recent bull market. The same signal, called the Pi Cycle Top Indicator created by Philip Swift, perfectly picked out four of the last major Bitcoin peaks, including the one around the Coinbase Global launch recently.

Related Reading | Parabolic Bitcoin Price Structure In Danger: Cycle Climax Or Risky Reset?

After the signal appeared, as expected, the king of cryptocurrencies retracted and it has been all about altcoins in crypto ever since. Dogecoin is soaring, Ethereum is rising, but Bitcoin is still struggling with $60,000.

It also hasn’t seen any major downside despite the signal’s appearance, and might not, according to the tool’s creator. And even if the top cryptocurrency does take a dive deeper from here, Swift also says that there’s a chance for another leg up.


The signal only appeared for a short period | Source: BTCUSD on TradingView.com

Indicator Creator Philip Swift Claims Bitcoin Has More To Go Before Conclusion

Swift says that once again, the tool has nailed the top. It has now been three weeks since it has appeared and thus far, no new highs have been recorded.

Whether or not this is the bull market top remains to be seen.

Related Reading | Grand Finale: Bitcoin Price Closes Record High Weekly, Could Conclude Cycle

Swift says it is “interesting,” however,  that the “111dma (orange line) spent very little time above the 350dma x2 (green) line before dropping back below it.” He also claims that this could set up another “potential cross” in the coming weeks and months.

bitcoin pi cycle top

Here's a look at what could happen if Swift is right | Source: BTCUSD on TradingView.com

Such an occurrence is not impossible for the tool, and would more closely resemble the 2013 bull market that took Bitcoin from under $10 to more than $1,000.

It is also worth noting, that despite the tool’s appearance on daily and weekly timeframes, there’s no such signal on the monthly like there is past bull market peaks.

Most of this points to another eventual leg up in Bitcoin, regardless of any correction that could be coming.

Featured image from Pixabay, Charts from TradingView.com

Forget Lightning, Litecoin Is About To Strike Twice Against Bitcoin

Litecoin is cleared for takeoff after a brutal downtrend against Bitcoin and the dollar. Could the cryptocurrency known as digital silver be the next altcoin to pop like Ethereum, Dogecoin, and the rest of the pack?

Here’s a closer look at the technical signals suggesting a change in the tides is here – a reversal that could cause lighting in the LTCBTC trading pair to strike for a second time.

The Long Running Deviation Between Digital Silver And Gold

The digital gold narrative has fueled much of Bitcoin’s growth over the last two years. Being the “fastest horse in the race against inflation” and a way for corporations to protect treasury reserves has brought the crypto market to the mainstream.

Related Reading | Now Or Never: Litecoin Plummets To Bottom Of Top Ten Crypto Assets

Following Bitcoin, Ethereum went for a long run that’s still ongoing today, and other altcoins like Dogecoin have been the talk of finance. Yet still, Litecoin lagged behind.

The once top ten titan of a cryptocurrency has since fallen out of the list completely, and has some catching up to do. That time could be now, however, as momentum on the highest timeframes against Bitcoin have begun to turn up for Litecoin.

litecoin bitcoin

Momentum is turning up after more than 666 days of Litecoin holder hell | Source: LTCBTC on TradingView.com

Litecoin Ready To Strike Back Against Bitcoin Like Lightning

Litecoin has now spent a hellish 666 days in a downtrend against BTC, letting digital gold steal the entire show for several years. But like the real relationship between physical gold and silver, after gold makes a run, the silver ratio improves in the following months to years.

The same is happening now with Litecoin, now that an altcoin season is back across crypto, and lower liquidity coins begin to rake up all the capital.

Related Reading | Litecoin On The Verge Of Monster Move 

It takes less capital to move the price of these coins further, and after such a long-stretch of negative sentiment in Litecoin while Bitcoin soaked up all the positivity, it could result in an especially powerful move.

All the same perfect-storm conditions are back from the last time the tides changed. The LMACD is turning up on monthly timeframes, suggesting momentum is in bulls’ favor.

The downtrend both times lasted roughly the same amount of time, and the big move up came after breaking above the middle-Bollinger Band – something that is clearly happening again now according to the chart pictured above.

With Bitcoin diving, and Litecoin and other altcoins getting their day in the limelight now, there’s a chance the massive move is only just beginning. Measured move targets point to as much as a 240% move against Bitcoin. Will LTC strike BTC for a second time?

Featured image from Pixabay, Charts from TradingView.com

Lucky Number 7: Bitcoin, Ethereum Break Total Crypto Monthly Record

Bitcoin is back well above $50,000 and Ethereum is now over $3,000 per token. The two top crypto titans have been in full bull mode for the better part of a year now, and it has helped propel the entire crypto market cap to unprecedented heights.

Now at well over $2 trillion and counting, this most recent monthly close in the total crypto market cap marked a historic seven consecutive green monthly candles in a row. Here’s a closer look at what the long string of success could mean for the market in the days ahead.

Crypto Reaches Mass Acceptance, More Than $2 Trillion Market Cap

Sentiment changes quickly in speculative assets like crypto. It was only around two years ago that executives were calling Ethereum a double-digit “shitcoin,” and major media outlets pronounced Bitcoin dead yet again (and again).

Today, the story is very different. Nearly every powerhouse in finance is now taking a “if you can’t beat ’em, join ’em” stance with crypto and are offering exposure to Bitcoin, Ethereum, Litecoin, and others in some way.

Related Reading | Bitcoin Dominance Dives To Lowest In Years, Altcoin Season Is Finally Here

Few assets aside from Dogecoin and the rare moonshot have done as well as top assets Bitcoin and Ethereum, which have soaked up most of the limelight this cycle.

Their sheer size alone is what has pushed the total crypto market cap to more than $2 trillion and climbing. And they’ve now helped the total crypto market close a record-breaking seven monthly candles in a row – the most ever.

bitcoin ethereum total crypto

A new record is set for longest string of green monthly candles | Source: CRYPTOCAP-TOTAL on TradingView.com

Massive Bitcoin And Ethereum Rallies Help To Break Historic Monthly Record

Layered behind the price action of the total crypto market cap the impact of both Bitcoin and Ethereum can be seen. The two combined with other altcoins like Cardano, Dogecoin, and more have made the new record of seven green monthly candles in a row possible.

Bitcoin’s enormous $1 trillion market cap alone has been the biggest contributor overall, while Ethereum clearly has some catching up to do even with a long history of over-performance compared to BTC.

Related Reading | “Exponential Decay” Of The Dollar To Benefit Crypto Long-Term

All eyes have been on Ethereum as of late to take center stage and kick off an unprecedented “alt season.” The ratio between BTC and ETH is nowhere near former highs from the last bull market, even though both have since surpassed USD highs from back then.

What this all suggests is that altcoins could take lead with the total percentage of crypto market cap they capture compared to Bitcoin. Whether this is a result of future over-performance, or a correction in Bitcoin remains to be seen.

Featured image from Deposit Photos, Charts from TradingView.com

BSC Based DeFi Light Game CryptoTycoon, Has Completed Seed Round Fundraising

April 30, DeFi light game CryptoTycoon has announced the confirmation of the institutional fundraising seed round. Participating institutions include HappyBlock, CryptoDiffer, R8 Capital, A195 Capital, 4SV, AKG Venture, PrimeBlock Ventures, Amplio Capital (BitMart Labs), T3E (MW partners) , Infinity Labs, CatcherVC, BenMo Labs, BEST, Horizon Capital, Ternary Capital, 7Star Capital. 

According to the official website, CryptoTycoon is a DeFi light game platform built on Binance Smart Chain (BSC). All the founding members of CryptoTycoon have worked in Tencent Interactive Entertainment (IEG), and have been involved in product planning and front-end operations in first-line online games.

 From the perspective of DeFi design, CryptoTycoon is integrating DeFi model into the Monopoly game. Players can spend BNB, BUSD, USDT and other BSC tokens in the game to get a chance to roll the dice. To participate in-game mining, players need to build different types of buildings on different grids, and pay tax to maintain mining output.

 The total number of CryptoTycoon tokens CTT is 1 million. According to the agreement, the seed round institution participants will not be able to unlock until June 2021, which has total of 3% of the CTT supply. In addition, due to the CTT on-chain transfer will have 5% burned. Therefore, it is expected that the issuance and transfer of institutional investments will have 3000 CTT to be burned.

 According to the Route map (to-do list) of CryptoTycoon, after the seed round is completed, there will be a community round and IDO/IFO fundraising rounds, and CryptoTycoon in-game beta will also arrive in late May. Players who participating in the beta will also have a chance to get high-value BNB and CTT airdrops during the beta. 

Bears Salivate As Bitcoin Monthly Close Leads To Indecision

Bitcoin price is back above $56,000 once again, after a tug-of-war between bulls and bears has led to a bit of a stalemate just as the April monthly comes to a close.

The monthly candle at current levels will close as a doji, signaling indecision, and a potential reversal ahead. Here’s a closer look at the potential reversal pattern that has crypto bears salivating for cheaper coins in the days ahead.

Bitcoin Bears Make A Stand Against Bulls, Rally Reaches Stopping Point

It is hard to be bearish on Bitcoin at all, let alone right now. The cryptocurrency has risen from pennies to more than $60,000 per coin. The scarce BTC supply suggests these are still early days and there’s a lot more ROI to go, potentially reaching prices of hundreds of thousands each in the future.

All of 2021 thus far has been like a rocket ship for Bitcoin and its altcoin brethren. Ethereum and Dogecoin have massively outperformed the top cryptocurrency and several others have done even better.

Related Reading | Bitcoin Price Forecast: Cloudy With A Chance Of Downside

Bitcoin profits being taken and flowing into altcoins is just one of many reasons for the leading cryptocurrency by market cap to take a pause. Incredibly overheated technical indicators, and a sudden fear of coming regulation combined with a huge capital gains tax hike on the horizon are also to blame.

The indecision has led the pivotal April monthly candle close to form a doji, if and when it closes tonight at 8PM ET.

bitcoin april monthly close

The monthly should close as a doji, but there's risk of a reversal | Source: BTCUSD on TradingView.com

Potential Evening Star Reversal Pattern Could Mean Lights Out For Crypto Bulls

A doji is either a sign of indecision before a trend continues or is a signal a reversal is near. But it all depends on what comes next after the doji is formed. If another massive move up follows in May, then the bull trend is back on full force.

However, if bears get the best of price action over the next month and close with another red candle, there’s risk of an evening star pattern.

Related Reading | Potential Island Reversal Leaves Bitcoin Bulls Stranded

An evening star reversal is a Japanese candlestick pattern that that forms when there’s a sharp rise capped off by a doji, then followed by an similarly strong showing by bears to the downside.

The red candle in May must engulf at least 50% of March’s historic candle close to be confirmed. If May closes below $50,000, there’s serious risk of more downside in the top cryptocurrency ahead.

The reversal pattern also has appeared during the same month as a rare “Pi cycle top indicator” has triggered its signal for only the fourth time in Bitcoin’s history.

Featured image from Pixabay, Charts from TradingView.com

Bitcoin Dominance Dives To Lowest In Years, Altcoin Season Is Finally Here

Bitcoin price was rejected from above $55,000 and is now back to sinking lower. Meanwhile, altcoins like Ethereum continue to climb complete unaffected by the leading cryptocurrency by market cap.

The recent divergence between the top dog and the rest of altcoins, has resulted in Bitcoin dominance taking a nosedive to levels not seen since 2017 and 2018. Could this be the official start of altcoin season before the market cycle starts all over again?

BTC Dominance Returns To Levels Not Seen Since Last Crypto Bull Market

It has been more than 1000 days that have passed since the last time BTC dominance was below the 50% level, signaling that altcoins had taken over the crypto market.

The past 1000 and then some days have been completely dominated by Bitcoin instead, rising to as high as 73% peak dominance at the end of 2020.

Related Reading | Ethereum Closing In on $2,800 As ETH 2.0 Deposit Contract Hit New ATH

BTC.D, a metric weighing the top cryptocurrency’s market cap against the rest of the space, is now back below 50% and could be ready to set new lows if an altcoin season truly is upon us.

Altcoins capturing much more dominance this time around makes sense, as there are easily several more times the coins that have appeared since, and each market cap individually is ballooning.

bitcoin dominance altcoin season

A weekly close below that box starts altcoin season | Source: CRYPTOCAP-BTC.D on TradingView.com

What Altcoin Season Means For Bitcoin, Ethereum, Litecoin, And Other Top Coins

If altcoin season really is here, there are a few things that crypto investors can expect according to past cycles. Altcoin season’s start doesn’t always mean that Bitcoin’s run is over.

During the 2017 bull run, there were two distinct altcoin seasons, with only one ending the historic crypto market cycle. Altcoins topped much after Bitcoin, which is a scenario that could be coming into play now.

Related Reading | The Rise Of Dogecoin: The Good, Bad, And The Ugly

But with Bitcoin still so bullish, just because altcoin season is here doesn’t mean the bull run for BTC is over. Instead, altcoin capital could flow back into BTC, propelling the top brass crypto asset even higher.

Once the coin then tops out for the grand finale cycle peak, another altcoin season could act as exit liquidity before the cycle ends, and it all starts to repeat again.

The biggest and most respected altcoins like Ethereum and Litecoin would run first, then from majors money will flow into mid-caps, and eventually risk will venture into small-caps for moonshot-type gains.

The most important thing is to get out when it looks like things are about to end, as altcoins tend to collapse by as much as 99% when they run out of steam eventually, and momentum turns downward instead.

Featured image from Pixabay, Charts from TradingView.com

How Blockchain Businesses And Crypto Companies Can Reduce Cyberthreats

Bitcoin and Ethereum are booming, altcoins are surging, and other crypto categories like DeFi and NFTs have taken off like never before. Money is being made on digital currencies and it is highly visible in the public eye due to mainstream media coverage of the cryptocurrency revolution.

With more eyes on the asset class, it also means that cyberthreats are rising. Here’s what the latest figures say about rising crypto crime, cyberthreats, and how businesses in the blockchain industry can do much more to protect customers – and themselves.

Crypto Scams Rise Year-Over-Year, What Can Blockchain Companies Do?

The 2018 bear market was plagued with high profile exchange hacks all over the world. It set the industry itself back years and while things have improved in terms of exchange operations and security, crypto-related crime and cyberthreats continue to rise year-over-year.

Related Reading | Bitcoin Searches Spike On Google After Twitter Scam Goes Viral

According to a breakdown of analytics company Bolster’s recent report from Alexander Vasiliev, the co-founder and CCO of the global payment network Mercuryo, crypto-related scams increased 40% year-over-year from 2019 to 2020, and is projected to increase another 70% in 2021.

“The attacks most of the time included fake prizes and giveaways, celebrity impersonations, and phishing attacks,” Vasiliev added.

The scams can even involve real, verified Twitter accounts that have been hijacked by cybercriminals. A particularly large hack last year involved several high profile Twitter accounts including politicians, CEOs like Elon Musk, and other celebrities like Kim Kardashian West.

Vasiliev highlights several critical ways that blockchain companies and crypto businesses can protect users and themselves. Tactics include multi-sig systems, advanced automated security protocols, and mandatory identity checks.

total crypto market cap 2t

With the crypto market at $2 trillion, criminals are taking notice | Source: CRYPTOCAP-TOTAL on TradingView.com

Bitcoin, Ethereum, And Chainlink Are Top Targets For Cybercriminals

Vasiliev also revealed that Bolster’s report highlighted three primary cryptocurrencies being used in these types of scams: Bitcoin, Ethereum, and Chainlink. These coins tend to have some of the most vocal supporters behind them, making them a primary focus of cybercriminals when targeting unsuspecting social media users.

We now know how businesses can protect themselves and through that, its users, but how can users themselves bolster security? For one, always use two-factor authentication with Google Authenticator and not SMS-based 2FA. Man in the middle attacks and SIM-swap attacks can be eliminated.

Related Reading | The Most Common Bitcoin Scams And How To Avoid Them

Using a pseudonym whenever possible online, a PO box for ordering any hardware wallets, and relying on malware protection can avoid many easy ways cybercriminals can access crypto assets.

Never disclose to anyone that you hold crypto assets or how much, and use unique passwords that don’t end in nine or an exclamation point for all accounts. If that’s you, change them now.

There are almost endless ways to protect yourself, yet still the smartest criminals will still find a way. Keep your eyes peeled and follow as many safety measures as possible, and your chances for success can improve greatly.

Featured image from Pixabay, Charts from TradingView.com

Bitcoin Price Forecast: Cloudy With A Chance Of Downside

Bitcoin price is back above $55,000 in a lighting fast recovery from below the key level of $50,000. Although the rebound thus far appears as if it is a gift from the heavens above, the technical forecast suggests cloudy days are ahead.

Here’s a closer look at everything going on with Bitcoin “at a glance” and a deep dive into the Ichimoku Kinko Hyo indicator.

Forecast Says Cloudy Days Ahead For Top Cryptocurrency

Spring is in the air. The grass is turning green and the birds are chirping again. As the saying goes, “April showers bring May flowers.”

And although things have been fully bullish for some time in Bitcoin, April has been the first month where things have turned from green, to grey.

April kicked off aggressively, pushing Bitcoin to new highs. The top cryptocurrency consolidated there’s and made one more push higher the day Coinbase Global went public.

Related Reading | Bitcoin Loses Important Lifeline That Got Bulls Blood Pumping

The rejection there, however, sent Bitcoin price raining down, and pushed the cryptocurrency into and below the Ichimoku cloud.

If you’re questioning the validity of the cloud, also called the Kumo, then check out the zoomed in shot in the chart below. The example shows price action halting right at the edge of the cloud.

bitcoin cloudy

Bitcoin price action stopped right at the top of the cloud | Source: BTCUSD on TradingView.com

Could Bitcoin Price Rain Down Further?

The edge Bitcoin price stopped at is called the Senkou span B or leading span B, together with span A, they form the Kumo that widens and tightens depending on volatility.

When the two spans twist, it is a sign that things have turned fully bearish, which as can be seen is just starting to take place.

However, the Ichimoku indicator is said to offer a full “at a glance” look at the market, so there are more details to pay attention to.

Related Reading | Potential Island Reversal Leaves Bitcoin Bulls Stranded

The Tenkan-sen and Kijun-sen – also called the conversion line and base line – have crossed bearish. This itself has happened many times on the daily chart on the way up, but is the first time since the bull market began that Bitcoin is also trading within the cloud while this crossover happens.

The last piece of the Ichimoku indicator’s intel, is the Chikou span, or lagging span. This tool falls back several trading periods and shows where support and resistance might lie.

According to the tool and where price action clustered, the most prominent levels of support left untested if things do turn bearish in the short term, are $34,000 and $18,000 – two levels bulls do not want to return to. Will this cloudy forecast instead bring sunshine in May?

Featured image from Pixabay, Charts from TradingView.com

The Rise Of Dogecoin: The Good, Bad, And The Ugly

Dogecoin has made crypto investors more money than the likes of Bitcoin and Ethereum since the start of the year. But not everything related to this incredible rise to super stardom has been all glamor and glitz.

While the “joke” coin has proven itself anything but, it still has created a not-so-funny situation for several late-to-the-game mainstream investors. Anyone expecting a dollar per DOGE and bought too close to the top, could now be a sad puppy who’ve lost a lot more than their favorite bone.

Who’s A Good Boy? DOGE Fetches Mainstream Investors Massive Wealth

While in line waiting for coffee, two young men no older than their mid-twenties were heard having a conversation loudly. Before ordering their iced lattes, one tells the other about his $250 investment in Dogecoin turned into a cool few grand in his pocket.

These stories aren’t uncommon for mainstream investors who generally have no idea what they’re doing, but heard about the meme coin with an adorable internet pup though TikTok. They clicked buy on Robinhood or other apps, and net themselves a small fortune – yet not enough to catch up to the coin’s frontman Elon Musk.

Related Reading | Is Amazon About to Accept Dogecoin? The Payment Use Case Explored

Anyone who put money into Dogecoin in early 2021 has far more money than they started with. Unless they were among the latest to join the feeding frenzy among the pack of hardcore fans, then there’s always another side to every coin.

dogecoin good bad ugly

The good, bad, and ugly of the Dogecoin pump all in one chart | Source: DOGEUSD on TradingView.com

Bad Doggy: Dogecoin Latecomers Get Bit, Rally Put To Sleep

The chart above shows the technical rollercoaster that has been the rapid rise of Dogecoin. DOGE has been on a tear, soaring almost 10,000% this year alone.

Anyone who got in before April still has plenty of bones buried out back for a rainy day, however, those late to the feast might want to roll over and play dead.

Related Reading | The Two Signals That Say Dogecoin Holders Are In For “Much Ow”

The initial correction saw an immediately 70% collapse. As of right now, there’s a huge recovery, and Dogecoin is still down more than 40% from all-time high.

But when you’re comparing a measly 40-70% correction against an almost 10,000% rally, this dog could have a lot more to shed.

When assets lose their parabolic advance, they tend to correct by as much as 80% or more. In altcoins like Dogecoin, historically things get far worse, often shaving a full 99% of all-time highs before another recovery attempt is made years down the line.

dogecoin reddit

Those sucked in that don't understand markets can lose a ton of money | Source: Reddit

That could end up leaving investors like the one in the dog house for some time. Take this poor bloke for example, who now has to tell his wife that the allure of DOGE to the moon and $1 Dogecoin was well worth the risk of their life savings.

The moral of this story is that every dog has its day, and Dogecoin’s could now be in the past. If that’s the case, any further gains will be kept on a leash.

Featured image from Pixabay, Charts from TradingView.com

Parabolic Bitcoin Price Structure In Danger: Cycle Climax Or Risky Reset?

Bitcoin price is now below $50,000 for the first time in a month, and despite the still-high prices the market is in a panic. There’s now widespread fear that the current market cycle has peaked and things will soon fall back into a bear phase.

At the same time, there’s a looming bubble about to pop, aggressive tax measures and coming enforcement from the US government, and more that’s recently taken the legs out from beneath the bull run. Is this really the cycle climax, or just time for a long overdue reset?

Bitcoin Price Action Turns Deadly Fast, Bears Blindside Bulls

Rewind to only just a week or so ago, and full blown exuberance was in the air. Coinbase Global had gone public, listed on the Nasdaq for the first time and ushering in a “new paradigm” in crypto.

Related Reading | Bitcoin Price Breakdown: Bulls In Trouble As $50,000 Is Lost

Things have certainly been going well for the asset class, garnering support from brands like PayPal, Venmo, and even Tesla. With corporations buying up what little BTC is left on exchanges – a number that has been rapidly decreasing – and expectations of more than $100,000 per coin, FOMO has been aggressive.

Dip buying at every drop has formed a parabolic price structure, that’s unfortunately at risk of breaking down.

bitcoin price parabola

A rare signal calls the top as price action falls to parabolic curve | Source: BTCUSD on TradingView.com

Crypto Cycle Climax Could Be Upon Us Unexpectedly

The chart above demonstrates just how risky the situation is right now for the leading cryptocurrency by market cap. Along with price action ready to smash through the parabolic curve just as bad news starts to come in, a rare cycle top based on Pi has appeared for only the fourth time in the asset’s young history.

Related Reading | Bitcoin Loses Important Lifeline That Got Bulls Blood Pumping

The tool has called several important tops, including two out of three that led to extended bear markets in Bitcoin. When parabolic assets break down, data suggests that they retrace a full 80% of their gains. The last market cycle saw the cryptocurrency fall a full 84% before rebounding after this signal appeared.

Another 84% drop here would take Bitcoin back to around $10,000. A retracement of that magnitude, would be shocking to all and certainly not what projections suggest. A fall of that size would also suggest a bear market, sooner than most would have expected.

bitcoin elliott wave

Could our friend Elliott Wave "hi" and save the day? | Source: BTCUSD on TradingView.com

Another theory involves Elliott Wave and says that so long as the top cryptocurrency never makes it below the January 2019 top, the foundation of the bull market is still strong and should continue once the dust settles.

Volatility is coming, so don’t get caught up in the storm that could soon ensue.

Featured image from Pixabay, Chart from TradingView.com

Bitcoin Price Breakdown: Bulls In Trouble As $50,000 Is Lost

Bitcoin price has been in free fall mode, plummeting sharply from $65,000 to now under $50,000 for the first time since March.

Bitcoin Price Falls Under $50,000 Briefly

Bulls at the moment have pushed Bitcoin price back up more than $1,200 as orders at $50,000 filled for the first time in a month.

Related Reading | Bitcoin Loses Important Lifeline That Got Bulls Blood Pumping

A recent proposal under US President Biden to increase capital gains tax for the wealthiest individuals has spooked markets.

Combined with recent FUD surrounding the China hash rate decline and potential coming regulatory and tax crackdown, the once hot cryptocurrency is now struggling.

For now, bulls continue to insist on buying the dip considering how little time Bitcoin spent below the key psychological level before a decent bounce arrived.

bitcoin 50000

Bitcoin price took a sharp dive below $50,000 | Source: BTCUSD on TradingView.com

Is The Crypto Market In Jeopardy Due To Capital Gains Proposal?

Bulls will need to call in the calvary with how bearish things just turned from a sentiment standpoint. Technicals have also started to turn for some time.

Fundamentals such as strong hands and a decrease in BTC supply on exchanges has kept the uptrend climbing, but the capital gains FUD could get some coins moving.

At the very least, some profit taking to cover off on what could be sizable capital gains for crypto investors might occur and free up supply and weaken some of the stronger hands.

Related Reading | Potential Island Reversal Leaves Bitcoin Bulls Stranded

Thus far, the market doesn’t like this proposal. However, it’s being done on purpose to slow down perceived dollar inflation, as these assets the dollar trades against have recently gone parabolic.

All eyes will be on Bitcoin from here and if bulls can defend $50,000. Lose it, and the uptrend is in danger.

Featured image from Pixabay, Charts from TradingView.com

Bitcoin Loses Important Lifeline That Got Bulls Blood Pumping

Bitcoin price is back below $55,000, unable to keep its bullish momentum it had leading into the Coinbase Global listing. Since then, things have turned down.

The fall back below $60,000 has with it also taken the coin below a critical life-saving support level that’s been untouched since late 2020.

Bitcoin Loses Life-Saving Support Level, First Time Since 2020

Bitcoin and other cryptocurrencies are notorious for their volatility, but that’s also how they’re able to generate life-changing wealth for early investors.

Because of how volatile the emerging speculative asset class is, volatility measuring tools like the Bollinger Bands are especially effective. When the bands tighten is says that price action has been sideways and a major move is coming.

Related Reading | “Exponential Decay” Of The Dollar To Benefit Bitcoin Long-Term

If any coins close a candle outside of the bands with volume, there’s often an opportunity to “ride the bands” to incredible gains.

That’s exactly what happened that took Bitcoin from under $12,000 to more than $64,000 in a matter of months. The Bollinger Bands got tight, began to expand, and because the top cryptocurrency was above the middle-SMA, the bull market was cleared for takeoff.

The problem is, that same signal is back but in reverse.

bitcoin bollinger bands 3d

It's been more than 190 days of uptrend. Is it time for a change? | Source: BTCUSD on TradingView.com

What The Bollinger Bands Are Saying About The Current Crypto Cycle

More than six months and around 200 days have gone by since Bitcoin has passed through the middle-SMA on the Bollinger Bands on three-day timeframes.

The Bollinger Bands themselves – created by John Bollinger – are a standard deviation of the simple moving average. They expand and contract based on volatility, as mentioned earlier.

The toolset can tell traders a lot about what’s about to go down. For example:

According to the tool, what’s about to go down could be Bitcoin price. Passing through the mid-BB can be used as an effective buy or sell signal. After several candle closes below the SMA, a fall to the lower Bollinger Band is the most likely next target.

That target is around $46,000 per BTC, at the height of the “Elon Musk” candle.

Remember, the close below for Bitcoin is only on the three-day timeframe, suggesting that the more dominant bull trend is still hanging on. During past bull markets, the top cryptocurrency has always retraced to the middle-SMA on weekly timeframes. This level sits right around $44,000.

bitcoin bollinger bands zoomed

Two potential targets for Bitcoin are highlighted by the SMA | Source: BTCUSD on TradingView.com

Either that holds strong, or there’s a chance the bull market is over. The only line left for bulls to keep hope alive, would be the same middle-SMA on the monthly timeframes.

The middle-SMA in the monthly is right around $18,000 per coin and below the cryptocurrency’s former all-time high. A fall of that magnitude would be a frightening 70% drop, comparable to the fall from June 2019 to Black Thursday last year.

Related Reading | Potential Island Reversal Leaves Bitcoin Bulls Stranded

It’s not impossible for Bitcoin, and the bull run would still be intact. Are you ready for the volatility that the Bollinger Bands are warning of ahead?

Featured image from Pixabay, Charts from TradingView.com

“Exponential Decay” Of The Dollar To Benefit Bitcoin Long-Term

Bitcoin is now reeling after a rejection prevented further highs around the time Coinbase Global went live on the Nasdaq. The same stock market has also been booming alongside crypto – both markets gone parabolic against a common denominator: the dollar.

The greenback’s “exponential decay” is poised to continue, further benefiting crypto and equities. However, some short term abatement of hyperinflation could bring pause to the bull market.

USD Inflation Drop Goes Parabolic Against Bitcoin, Stock Market

Flash back to around 14 months ago, before Black Thursday rocked finance and to when the pandemic first began. The stock market and cryptocurrencies were decimated by the panic that ensued.

But as a result of governments flooding the money supply with more money than ever before, both markets went ballistic. A bull market broke out in both stocks and cryptocurrencies, bringing all major indices to new all-times, and Bitcoin breaking all previous records.

Related Reading | Bitcoin, Coinbase Crypto Euphoria Is Blind To Potential Dollar Reversal

The stock market and crypto are doing well for completely different economic factors and are such different asset classes, the real reason for the sudden parity is due to the dollar.

Crypto and the stock market have both gone parabolic against the dollar | Source: BTCUSD on TradingView.com

Exponential Decay To Continue, According To Dollar Currency Index

The dollar is in trouble – there’s no doubt about it. It’s value against other top world currencies according to the DXY has fallen. Against Bitcoin and stocks, the drop has gone parabolic.

Zooming out on the DXY could suggest that the worst is yet to come for the greenback. A massive symmetrical triangle has formed, similar in shape as the one Bitcoin broke upward from to start the bull market.

If the above pattern confirms, the dollar's fall hasn't even started | Source: TVC-DXY on TradingView.com

Except before Bitcoin consolidated, the previous trend was up. In the dollar, the prevailing trend has been down, and that’s where things could still be headed if “exponential decay” continues as expected.

A fall of such magnitude as the measure rule would project, could take the top currency in the world down to historic lows. And with USD as the base currency at which all other assets are measured, price action could get a little wild.

Related Reading | Potential Island Reversal Leaves Bitcoin Bulls Stranded

If that happens, even if somehow a strategy rolls out to prevent against short-term inflation and the dollar gets some air, fiat is dying a fast death at the hands of Bitcoin.

Technical factors in Bitcoin and stocks also point to correction enough to where the dollar gets some immediate relief. But after that, it is right back to destruction of the global reserve currency.

Featured image from Pixabay, Charts from TradingView.com

Potential Island Reversal Leaves Bitcoin Bulls Stranded

Months ago when Bitcoin price made it through $13,000 top analysts said “the train has left the station,” and they were right. Or maybe a rocketship would have been a better analogy. The cryptocurrency took off and has yet to refuel, until now.

With momentum waning, bears have staged an “island reversal” that could push off higher prices again for some time. Here’s what to expect from the tropical-sounding pattern that could leave bulls stranded for some time.

Technical Analysis Education: What Is An Island Reversal?

According to Investopedia, an “island reversal” is a price pattern on a daily candlestick chart that has a gap on each side of a the structure. “This price pattern suggests that prices may reverse whatever trend they are currently exhibiting, whether from upward to downward or from downward to upward,” a description reads.

The recent Bitcoin price action fits the pattern and the conditions that validate its existence to a “T.” An island reversal forms after a long trend leading into the pattern. Bitcoin’s performance has been incredible since March of last year.

Related Reading | The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See

At the climax of the trend, there’s an initial price gap, followed by a consolidating price cluster. Finally, there’s a gap back down on the daily chart, establishing the “island of prices isolated from the preceding trend.”

The theory behind the pattern suggests that the gaps left behind will go unfilled for some time.

The price action matches the "island reversal" pattern | Source: BTCUSD on TradingView.com

Will Bulls Be Left Stranded On Bitcoin Bear Island?

The island reversal was initially spotted by one of crypto Twitter’s top technical analysts on the CME BTC Futures chart. And although islands are typically associated with sun and sand, the island left behind here in Bitcoin could be deserted for some time – but how long?

A zoomed out look at the chart could provide some ideas of what’s to come.

Bitcoin could lose the RSI, but find support at the trend line on Stochastic | Source: BTCUSD on TradingView.com

Bitcoin’s island reversal comes at a time when indicators are finally turning down, the short-term parabolic curve has been violated, and a bearish wedge has formed on higher timeframes.

Fundamentals are bullish and more BTC is leaving exchanges each week. Perhaps a selloff could scare stronger hands into selling their coins.

Related Reading | Two Patterns, One Coin: Is Bitcoin Currently Bearish Or Bullish?

But all is not lost for Bitcoin. The stock-to-flow model and the world’s best analysts are projecting much higher prices of hundreds of thousands per coin.

There’s also potentially another parabolic curve in process not fully developed yet that keeps the predominant bull trend in tact, even if things get volatile over the next several weeks ahead.

Featured image from Pixabay, Charts from TradingView.com

The Two Signals That Say Dogecoin Holders Are In For “Much Ow”

Dogecoin is the hottest crypto of 2021, taking a major bite out of Bitcoin and Ethereum’s gains this year.  These astronomical numbers the altcoin has done this year has sucked in more and more investors. However, anyone who didn’t have their DOGE bags packed previously could be in for some pain instead of “much wow.”

Here’s a closer look at the two sell signals that started showing their teeth as of today.

Every Dog Has Its Day, And It’s Been The Year Of Dogecoin

According to Oxford Languages, the phrase “every dog has its day” refers to the idea that “everyone will have good luck or success at some point in their lives.”

For Dogecoin, the last few days have been the “day” for crypto investors everywhere. Since January 1 of this year, the meme altcoin is up more than 9000% ROI. Not bad for a coin that was created as a “joke.”

Related Reading | Dogecoin Rallies After Elon Musk Commits “Literal Moon” to DOGE Bulls

These returns, however, are nothing to laugh about and some of the best the industry has to offer. Dogecoin has even made kibble out of Bitcoin and Ethereum – the two top cryptocurrencies by market cap.

The Shibu Inu adorned altcoin is beloved across the mainstream, promoted by the likes of Elon Musk, Snoop Dog, and more. The performance has been ‘best in show’ worthy all along, however, two TD 9 sell signals might be putting this rally to sleep for good.

A Duo Of Sell Signals Against The Dollar And Bitcoin Pack A Mean Bite

Dogs are known to get a little over excited, and eat a little too much or play a little too hard. Dogecoin has rallied so hard, it might be time to play dead.

But first, this old dog could roll over, according to the TD Sequential indicator.

Dogecoin USD DOGE dollar

An imperfect TD 9 setup has triggered after a sizable rally | Source: DOGEUSD on TradingView.com

Trading against the dollar, a TD 9 sell setup has appeared after an astronomical gain in recent days. The signal could wipe out as much as 80% from the coin’s price tag.

Related Reading | The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See

Against Bitcoin, the signal is also wagging its tail. The TD 9 sell setup on the BTC pair is even stronger of a setup, having been perfected with a higher high on the day.

Dogecoin DOGEBTC bitcoin

The signal has been perfected on the Bitcoin trading pair | Source: DOGEBTC on TradingView.com

Because the USD pair isn’t perfect, Dogecoin could still play fetch the returns for a little while longer, keeping owners happy as can be.

This signal might suggest, however, that the adorable little pup could soon turn into a bear.

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Two Patterns, One Coin: Is Bitcoin Currently Bearish Or Bullish?

Bitcoin price is down from fresh all-time highs set this week ahead of the Coinbase Global Nasdaq public rollout, but there are still no signs of the bull run ending.

A powerfully bullish pattern, however, has began to shapeshift and is in the midst of transforming into a bearish pattern instead. The fight between bears and bulls clearly isn’t finished; here’s a closer look at the two patterns that could make or break the uptrend depending on which one confirms.

Bitcoin Price Breaks Down From Coinbase Listing Highs

The cryptocurrency market is a non-stop speculative venue where Bitcoin investors try to rely on a combination of sentiment, fundamental, and technical analysis to predict future outcomes of price action.

Users can be quick to write off such predictions claiming its little more than witchcraft or nonsense. There are several trading legends that have made a career out of it, but naysayers will always remain.

Related Reading | Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

The reason for such skepticism, is the fact that these predictions only work to increase probabilities, and the practice never a perfect process. It is also an ongoing study that requires regular review of market conditions and the latest usable data.

The data comes in the form of Japanese candlestick highs, lows, opens, and closes. It comes via moving averages, overlays, and oscillators. And it also comes from chart patterns that can change shape even when Bitcoin is at first behaving as expected.

bitcoin bullish triangle versus bearish wedge

On the left, we have a bullish triangle and on the right, a bearish wedge | Source: BTCUSD on TradingView.com

Bearish or Bullish: Which Crypto Chart Pattern Will Confirm?

Even on Coinbase listing day itself, Bitcoin ended the day bloodier than it started. The leading cryptocurrency by market cap fell by a max of 5% for the day.

Any movement higher that might have been rejected, ultimately sent the crypto asset back down to retest the resistance level of a powerfully bullish chart pattern: the ascending triangle.

The problem is, is that the pattern has since morphed into a now bearish pattern and is looking worse as time passes by. Further exacerbating the danger, are literally dozens of bearish signals that have been lingering on the quarterly timeframe.

Technical Analysis Education | Everything You Need To Know About Triangles

Along with the bearish wedge shape, the MACD on weekly timeframes has crossed bearish, and a rare cycle top calling indicator has said its lights out for bulls soon enough.

Although the signal has appeared, Bitcoin is now much higher than when it first reared its ugly head. Bears were able to swat it back down, and what comes next will decide the fate of crypto for the next few months.

Will price action confirm resistance as support, and with it the ascending triangle before moving much higher? Or will the bearish wedge take shape further and cause an unexpected breakdown?

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CME Flashback: How The COIN Listing Could Culminate Bitcoin Rally

Bitcoin price (BTC) is down $2,000 from yesterday’s high set right around the time that Coinbase Global (COIN) went live on Nasdaq.

The price action frighteningly mimics a fractal flashback from the CME futures launch that put the top in around late 2017 and started the bear market in cryptocurrencies. Is this just crypto winter PTSD, or is a launch of this magnitude the perfect sell the news event?

Then And Now: CME Futures Versus Coinbase Global Debut On Nasdaq

Rewind back to 2017. Few then knew what a cryptocurrency even was, and were caught off guard when something called Bitcoin became taking over mainstream media, eventually reaching prices of $20,000 per coin.

The FOMO storm that year was driven by a variety of factors. BTC holders would get BCH when the hard fork took place, the halving was in the past, and big name speculating platforms began looking to launch Bitcoin-based futures contracts.

Related Reading | Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

The first to get involved was CBOE, but the bigger deal and the one still trading today is the Chicago Mercantile Exchange otherwise known as CME. The only problem was, its debut was the exact top of the bull market.

Unfortunately for the current bull run, that same price action is back with an almost flawless fractal. At the same time, a cycle top signal has appeared. 

An initial plunge, followed by a controlled sideways period before peaking around launch | Source: BTCUSD on TradingView.com

Bitcoin Price Fractal Could Indicate A Bear Market Is Brewing

Things are very different now in the crypto market fundamentally that many would argue changes things. However, the mindset “this time is different” is considered one of the biggest mistakes in investing.

With a transcendent technology like Bitcoin, however, anything is possible. But so is a scenario where the top is in, and is brought about by a “sell the news” event in the same vein as the debut of CME futures.

Related Reading | The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See

Granted, CME was the most dominant institutional focused platform that allowed short positions on Bitcoin, and Coinbase does nothing of the sort. However, it could cause some speculative capital that was once in Bitcoin to flow its way into COIN and the sudden abundance of companies and products offering crypto exposure without actually owning it.

Aside from the much larger initial impulse and correction, the curve has been the same | Source: BTCUSD on TradingView.com

But could it be enough to bring forth a bear market? After CME’s big crypto debut, Bitcoin fell by 84%. A similar fall, which is typical for assets that have lost their parabolic curve, would take the top cryptocurrency back under $10,000.

Even if a crash happens, bulls still have Elliott Wave Theory to hold onto. The 2019 peak which, also coincidentally happened around the launch of Bakkt and the introduction of Facebook Libra – two more sell the news events – would have acted as wave one of five.

The corrective wave down to the Black Thursday bottom completed wave two, and wave three could be concluding now. According to the study, wave four should never retrace into wave one, which means that so long as Bitcoin never passes below $14,000, the bull market is intact even with as much as an 70% selloff.

The fall to Black Thursday lows was about as sharp, and corrections have been slim during this bull run. Is this the top, a correction, or none of the above?

Featured image from Deposit Photos, Charts from TradingView.com

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

Whether it was capital being moved from Bitcoin into COIN during its stock market debut or if it was a classic sell the news event, the top cryptocurrency is red on the day.

Bulls were expected to steal the show today but instead, there’s been a 5% intraday drop from today’s new all-time high. A short-term bullish structure, however, remains intact – meaning the selloff could be a bullish retest ready to rocket prices toward $87,000 per BTC.

COIN: Coinbase Global Brings Crypto To The Nasdaq

Coinbase Global (COIN) began trading on the Nasdaq today, marking crypto’s big stock market debut and the first cryptocurrency company to go public.

Related Reading | Bitcoin NFT “The Death of Fiat” Commemorates Crypto Bull Run

Excitement leading up to the listing has spurred crypto market FOMO and pushed Bitcoin and Ethereum further to set new all-time highs. Exchange tokens, altcoins, and everything else has been pumping too.

coin coinbase global

COIN fell in the hours after an initial rise to a high of $428  | Source: NASDAQ-COIN on TradingView.com

COIN made its debut today reaching a high of $428, but in the last several hours has fallen by as much as 27% to a low of $310 on the day.

Bitcoin also fell and is also down 5% on the day. However, the fall to retest support ultimately could be bullish for the top cryptocurrency and was a quick shakeout before moving higher.

bitcoin coinbase debutBitcoin dropped 5% from today's highs as COIN made its stock market debut | Source: BTCUSD on TradingView.com

Bitcoin Forms Most Bullish Pattern Ever: The Ascending Triangle

In technical analysis, depending on the lean of a trend angle it can determine if the market structure is bearish or bullish. Price action leaves behind support and resistance that form geometrical shapes and other patterns.

Inverse head and shoulders, falling wedge, cup and handle, and more are all bullish patterns. Triangles come in various forms, but when they’re bullish the lower trend line is ascending.

Technical Analysis Education | Everything You Need To Know About Triangles

An ascending triangle pattern appeared ahead of the Coinbase Global debut, with a breakout yesterday and potential retest of resistance turned support today.

bitcoin coinbase debut triangle

Ascending triangles are some of the most powerfully bullish patterns | Source: BTCUSD on TradingView.com

If the classically bullish chart pattern holds, the target based on the measure rule would send the top cryptocurrency to prices of $86,000 or more. Crypto market cycle highs have been expected to reach as much as $100,000 or more per BTC, however, a rare and accurate top signal based on Pi has recently appeared.

Coinbase has made its debut. It is now time for Bitcoin to prove to Wall Street the COIN listing was worth all the attention.

Featured image from Deposit Photos, Charts from TradingView.com

Bitcoin, Coinbase Crypto Euphoria Is Blind To Potential Dollar Reversal

Today is the day everyone in crypto has been waiting for: popular Bitcoin exchange Coinbase has been publicly listed on the stock market for the first time ever.

The entire industry is buzzing, still euphoric from the months of nothing but green candles. However, the euphoria could be blinding market participants to the fact that the dollar could potentially be ready to reverse.

Crypto Market Celebrates Coinbase Listing Day With New Bitcoin All-Time Highs

“The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs,” Buffett wrote in a shareholder letter from 2000. “Nothing sedates rationality like large doses of effortless money.”

Effortless money has been the theme of crypto over the last year, during a time when money is hard to come by for so many suffering from the impact of the pandemic.

Related Reading | Coinbase Listing Sends Binance Coin (BNB), Exchange Tokens Soaring

The crypto market Fear and Greed Index is at full-blown greed, which other Buffett quotes point out are a time to be fearful. But investors aren’t fearful at all.

They’re rolling the dice on altcoins, throwing millions at NFTs, and more with little concern about putting money away for the future – what Bitcoin was supposed to be about in the first place.

All this exuberance has put blinders on most crypto investors who are unaware of a potential reversal brewing in the dollar that could over the next several days catch them off guard.

bitcoin dollar dxy btcusd

The TD 9 indicator has perfected a sell setup on an 8-count | Source: DXY on TradingView.com

How Exuberance Has Left Investors Blind To Potential Dollar Reversal

The Dollar Currency Index, a weighted basked of top currencies trading against the dollar, is now higher than lows set earlier in the year, but it’s been dropping to retest former resistance turned support.

Related Reading | The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See

On the way down, the DXY has perfected a sell setup on the TD Sequential indicator. The indicator is at only an 8 count instead of the typically lethal 9, however, as signals on the other end have shown a perfected 8 works just fine.

bitcoin dollar dxy btcusd bull market

Major dollar reversals have ended Bitcoin bull markets | Source: BTCUSD on TradingView.com

Looking at the bigger picture, Bitcoin bull markets have ended when the dollar finally turns around, and after this retest of support, another leg up could be devastating to the crypto space.

What’s worse, is that investors are too exuberant currently to ever see it coming. Institutions are here, Coinbase has went public, and the stock-to-flow model predicts $100,000 BTC or more – what could possibly go wrong?

Featured image from Deposit Photos, Charts from TradingView.com

The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See

Bitcoin price today set a new all-time high, and tomorrow Coinbase goes public putting an even bigger spotlight on the already buzzing cryptocurrency industry.

Things couldn’t possibly look more bullish for Bitcoin and the rest of the market, but the recent price action could resemble one market wizard’s schematic of what “distribution” should look like. Here’s the chart that anyone bullish on Bitcoin might not want to see.

The Various Phases Of A Crypto Market Cycle

All markets are cyclical, and crypto is no different. The entire asset class sans a few outliers are in a massive bull market where new all-time highs are set weekly.

Price discovery in trending, speculative assets are fast and furious and Bitcoin price has been soaring ever since it retested its bear market bottom.

Related Reading | Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

Throughout 2019 and 2020, the leading cryptocurrency by market cap was in full accumulation mode – a phase in which investors were loading up on BTC preparing for the bull market ahead.

Those that did were ultimately right and profitable. Bitcoin price rallied from under $4,000 to $63,000 and is still climbing.

What comes next however isn’t as certain after coming so far. Unfortunately, what’s ahead might not be something bulls are yet ready to see.

bitcoin distribution schematic

Recent price action matches the distribution schematic well | Source: BTCUSD on TradingView.com

Recent Bitcoin Price Action Resembles Wyckoff Distribution Schematic

One crypto analyst has spotted the fact that the recent price action in Bitcoin resembles a distribution schematic created by late master market technician Richard Demille Wyckoff.

Wyckoff is highly regarded alongside the likes of Gann, Dow, Dow, Elliott, Merrill,  Morgan, and Livermore. His theories are regularly used throughout finance even today.

Wyckoff theory believes that the market should be viewed as being controlled by one figured dubbed as “the composite man.” This mysterious whale takes the market through four distinct phases: accumulation, mark up, distribution, and mark down.

Markets are said to cycle in such a manner, and Wyckoff was so keen to how this worked, he developed several schematics for each.

Related Reading | Grand Finale: Bitcoin Price Closes Record High Weekly, Could Conclude Cycle

Layering such a schematic over the recent Bitcoin price action isn’t a great sign for bulls currently. Making matters much worse, the rally has been a full year strong now with very little correction, technicals are highly overheated, and a rare top signal just appeared for the first time since 2017.

If the analyst is right and distribution is why the rally paused at $60,000, what could come next is a mark down phase that erases some of the mark up over the last year – before it all starts over again.

Featured image from Deposit Photos, Charts from TradingView.com

Coinbase Listing Sends Binance Coin (BNB), Exchange Tokens Soaring

There’s less than 24 hours standing in between now and the time San Francisco-based cryptocurrency exchange Coinbase is listed publicly for the first time. The shot heard ’round Wall Street has caused exchange tokens in particular to surge.

One of the biggest benefactors has been competitor platform utility token, Binance Coin, along with other similar coins offered by exchanges. Here’s why there’s such interest and demand for the platforms themselves.

The Big Deal Behind The Coinbase Listing And Ongoing Bitcoin Rally

Tomorrow, Coinbase (COIN) begins trading on the stock market in a move that could cause a widespread  “revaluation for this whole segment higher,” according to Amplify ETFs founder and CEO Christian Magoon.

It also comes as Bitcoin price pushes to new historic highs, and crypto “altcoin season” is in full bloom. Coinbase couldn’t be doing better right now, and its debut valuation tomorrow is anticipated to be between $150 billion based on pre-market trading on FTX.

Related Reading | Coinbase Bitcoin Outflows Are The Strongest Bullish Signal “Ever”

The popular cryptocurrency exchange now synonymous with Bitcoin itself has seen its Q1 2021 revenues beat all of 2020 combined.

The company’s “Coinbase Pro” platform is where many institutions and corporations have been doing business.

The high-wealth individuals and companies moving crypto off the exchange en masse has been called the most bullish signal “ever.” And the bull market has been spilling into altcoins and then some.

binance coin bnb coinbase ipo season

Binance Coin has absolutely exploded amidst Coinbase IPO fever | Source: BNBUSD on TradingView.com

FOMO For Exchange Tokens Bolsters Binance Coin Bull Market ROI

“I think we’re going to see more private companies go public because they see the path, hopefully, that Coinbase takes that recognizes the value in the public marketplace,” Magoon also told CNBC during a segment of ETF Edge.

The potential of other platforms like Coinbase to follow suit has prompted exchange utility tokens such as those from Binance or newcomer trading platform FTX.

Related Reading | Number Of Bitcoin Mentions In Company Earnings Reports Goes Parabolic

Binance Coin itself has been an enormous benefactor of the buzz the Coinbase listing has created. Not only could Binance eventually go public as well, but increased trading volumes and utility from Binance Coin has also caused demand to skyrocket.

The popular token is also at the center of Binance Smart Chain that now could rival Ethereum. All together these factors have resulted in a more than 1300% climb from low to high in 2021 alone.

Exchange tokens are flying even more so than CBSE  | Source: Arcane Research

FTT, the token to newcomer platform FTX which has been offering pre-IPO Coinbase contracts, has also been rising and is up more than 700% on the year.

What this all boils down to, is that the cryptocurrency industry is finally being legitimized in the eyes of Wall Street and beyond, which could cause even further repricing of Bitcoin, altcoins, and especially exchange tokens like never before. And it all starts tomorrow with the historic Coinbase listing.

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By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July

Bitcoin is a numbers game through and through. There are only 21 million BTC. The code and its consensus algorithm are both made up of complex math. The total coins are slashed in half every four years, and so on and so fourth.

Most important of all, here’s the growth rate Bitcoin price must hit steadily to reach $100K per BTC by July 2021 according to one crypto capital manager – as well as the one thing that could get in the way.

Bitcoin Price Growth Rate Should Take Crypto Valuation To $100K By July

Bitcoin’s growth from virtually worthless to more than $60,000 per coin today is nothing short of incredible. Even beyond ROI that is simply incomparable, the story of how the coin came to be reads as if it was ripped from a sci-fi film: Mysterious person takes a shot at all money, and takes no credit for the monumental effort.

Related Reading | Crypto Analyst Expects “Escape Velocity” When Bitcoin Breaks $60K. Here’s Why

Satoshi’s creation is now more than a decade old and has grown far beyond most people’s expectations. Over the last year alone, the leading cryptocurrency by market cap has grown at a daily average rate of 0.65% since April, resulting in a nearly a ten times climb in value.

At the current pace, according to crypto capital manager Timothy Peterson, Bitcoin price would reach $100K by June 30th.

bitcoin 100000 july

At only a daily growth rate of 0.64% the top crypto should hit $100K by July | Source: BTCUSD on TradingView.com

The One Factor That Could Cause BTC To Fall Short Of Target

Bitcoin price must maintain comparable momentum over the last year to keep climbing at a similar rate and reach more than $100K per coin. The number is now closer to the current price action than $10K is, and thus potentially more achievable.

Related Reading | Mathematical Mystery: Why Did The Bitcoin Rally Stop At The Golden Ratio?

Price predictions for the next cycle top reach as much as $400K, with estimates more steeped in reality ranging from $125,000 to $325,000 per BTC.

bitcoin btc pi cycle top indicator

The rally could really be over if the historically accurate signal is right again  | Source: BTCUSD on TradingView.com

There’s a chance, however, the cycle top is in, according to the Pi Cycle Top Indicator. If the historically accurate tool is right yet again, the leading cryptocurrency’s daily growth rate will begin to decline from here on out until another bull market breaks out.

Bitcoin price wouldn’t make it to $100K by July, and a return to prices much lower would follow. If that’s the case, crypto investors would have to wait a while longer for the number one cryptocurrency by market cap to reach that ultimate target.

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Grand Finale: Bitcoin Price Closes Record High Weekly, Could Conclude Cycle

Bitcoin price is currently flirting with prices above $60,000, as the momentum of the ongoing bull market slowly begins to push the asset above the key resistance level.

The start of a breakout through resistance might have began with last night’s historic weekly close – the highest ever recorded. However, despite what could be a clean bullish breakout, there’s a bearish factor lingering that could make this the last weekly close the high for some time.

Bitcoin Price Closes Record High Weekly Candle Above $60,000

Bitcoin price has poked above $60,000 dozens of times now, yet has been unable to hold strong above the clearly strong resistance level. The leading cryptocurrency by market cap, however, has also yet to tumble any further than a mere 10-20% for most of the last 12 months.

Related Reading | Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

The first signs that new highs could be near, is the first ever historic weekly candle close above $60,000. Last night’s weekly candle is also only the second daily candle to close above the crucial rounded number.

bitcoin 2021 weekly 60000 zoomed

You have to zoom in to see it, but Bitcoin did close above $60,000 on Binance | Source: BTCUSDT on TradingView.com

The battle between bulls and bears came down to the very last seconds before the close, resulting in some disparity across exchanges. Bitcoin price made the achievement on Binance specifically and others, but failed to make a similar milestone on platforms like Bitfinex and Coinbase.

The slight discount on Coinbase could be a sign that buy pressure is finally waning and the sell side is intensifying.

Why The Record Could Precede A Short-Term Reversal

The cryptocurrency market has been on fire and its been mostly due to the rush to buy Bitcoin before other corporations and hedge funds buy it all.

But as mentioned, the FOMO could finally be running out of steam. Making matters worse, an ultra rare signal has appeared that has only in the past reared its head when the crypto cycle was finally complete.

bitcoin btc pi cycle top indicator

A rare crypto cycle top indicator has issued its signal. Is the rally over? | Source: BTCUSD on TradingView.com

The Pi Cycle Top Indicator has now issued the fourth ever top signal with last night’s weekly candle close and subsequent daily candle open.

That could mean that a long term top could be in. A 2013-like scenario with two peaks in the same year would be bulls last hope for things to continue, albeit after a correction.

Related Reading | Analyst Expects “Escape Velocity” When Bitcoin Price Breaks $60K. Here’s Why

Back then the signal arrived early, Bitcoin price spiked much higher, then corrected 82% within just four days. After settling down, before the year was over Bitcoin price climbed another three to four times in value before the true top of that cycle was in.

What will it be this time around?

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LA Real Estate Mogul Buys Bitcoin, Accepts BTC For Rent

A massive LA-based luxury real estate firm has begun accepting Bitcoin for rent payments.

In addition to loading up on BTC for its corporate reserves, the company has also tapped popular exchange Gemini to help build a crypto centric ecosystem for its retail, residential, and resort customers.

Rick Caruso and Caruso Real Estate Tap Gemini For Crypto

American real estate company Caruso, led by billionaire Rick Caruso, revealed this week that the firm would begin accepting Bitcoin for rent payments at both retail and residential properties.

The Los Angeles-based company offers stunning luxury properties in the area, including the Miramar Beach Resort, Palisades Village, Waterside at Marina Del Rey, The Commons at Calabasas, and many more.

Related Reading | Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

Through a partnership with the Winklevoss-owned Gemini, Caruso plans on further integrating cryptocurrencies into their company experience for consumers.

“You can use that cryptocurrency on the blockchain then to spend at our properties. Check into our resort. When you live with us, pay your rent. We create this whole ecosystem,” Caruso explained.

The strategy is something that Caruso plans to roll out over the next decade, and part of a long-term plan. “It’s not about the next year or five years,” he said.

Caruso also tapped Gemini as a custodian for its “significant initial investment” in BTC as part of its “treasury management strategy” – making the company the first in the real estate industry.

Completely integrating crypto within its customer experience reinforces “the company’s belief in the robust future of cryptocurrency.”

bitcoin la real estate mogul rent

How much further can Bitcoin climb in another decade? | Source: BTCUSD on TradingView.com

The Boom Of Companies And Bitcoin Is Only Now Beginning

Caruso joins the growing list of corporations that have added BTC to their corporate treasure reserves, and more are coming.

A seminar led by MicroStrategy CEO Michael Saylor was intended to bring more businesses to the space by sharing his playbook.

Saylor’s lead also inspired the likes of Jack Dorsey’s Square Inc. and Elon Musk’s Tesla to start buying BTC. Dorsey also offers Bitcoin to customers through its Cash App, and Tesla added the ability to pay with the top cryptocurrency to buy its green vehicles.

Related Reading | Number Of Bitcoin Mentions In Company Earnings Reports Goes Parabolic

Companies that have done so have had substantial earnings to show for their innovative take. The mentions of Bitcoin in company earnings reports has gone parabolic recently, right alongside the asset’s price.

The proliferation of Bitcoin and other cryptocurrencies is only just beginning, and its potential application from real estate to payments and more will scale exponentially over the next decade and more.

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Crypto Analyst Expects “Escape Velocity” When Bitcoin Breaks $60K. Here’s Why

Bitcoin price is still stuck under $60,000 but unable to push any lower than $55,000. The tightening across the crypto market has been long and arduous but when $60,000 is finally broken, the crypto asset should reach what one analyst calls “escape velocity.”

Here’s what the term means and what that could look like post-breakout of the key resistance level.

Bitcoin Could Reach Escape Velocity After Breaking Above $60,000

Bitcoin price action has come to a critical impasse, either ready to explode to hundreds of thousands of dollars per coin, or about to take a dive from current highs.

Resistance above $60,000 has been the first zone proving too strong for bulls to get through with ease, causing momentum to fizzle out. Momentum indicators have turned red for the first time in months, but bears have failed to take prices much lower.

Related Reading | Stablecoin Supply Rising, Diminishing Bitcoin Reserves Ready To Fuel Next Leg Up

The standoff has volume dropping, and volatility dipping to the lowest levels in months for the characteristically explosive crypto asset.

But when things finally do break above $60,000, one crypto analyst expects things to reach “escape velocity.”

bitcoin escape velocity

This is what escape velocity could look like in Bitcoin | Source: BTCUSD on TradingView.com

What The Physics Term Playing Out In Crypto Would Look Like

According to Wikipedia, escape velocity is a physics term describing “the minimum speed needed for a free, non-propelled object to escape from the gravitational influence of a massive body.” In simpler terms, its the strength and speed needed for an object to escape a planet’s gravitational pull and exit its atmosphere.

The analogy makes sense. “Escape velocity rises with the body’s mass and falls with the escaping object’s distance from its center. The escape velocity thus depends on how far the object has already traveled,” a description reads.

Essentially, $60,000 is the object’s center, and resistance should weaken once it is passed, requiring less overall momentum to continue to head off toward the moon.

Related Reading | Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

The reason being is, Bitcoin has attracted substantial media attention above $50,000 where the coin has now spent weeks above. Those waiting for a breakout of $60,000 will buy with extreme force knowing that any correction was warded off.

At the same time, those waiting for prices lower will realize it isn’t coming, and FOMO back into Bitcoin, causing prices to soar with even greater ease.

Between the flurry of new buyers getting in for the first time, sellers buying back in after they’ve realized their mistake, and more, it should cause the final parabolic stage of the Bitcoin bull run, and the “escape velocity” the analyst is talking about.

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Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

Despite the best efforts by bulls for what has been several weeks now, Bitcoin price can’t seem to get back above $60,000 and spend any meaningful time above it.

Fundamentals are as bullish as it gets for the top cryptocurrency, but bearish technicals might have finally caused sellers to step in. That’s according to one crypto company CEO, who has warned of sell side intensity increasing substantially in the last several hours. It’s caused them to be increasingly convinced that a cycle top is potentially in. Here’s a deeper look at why.

Bitcoin Bull Run On The Ropes As Technicals Face Off Against Fundamentals

Bitcoin price has had its best year on record yet dollar for dollars and fundamentals, the stock-to-flow, and just about all other data suggests that the bull run isn’t near finished yet.

Technicals have been long overheated given the strength of the showing by bulls, leaving a large string of green monthly candles on the price chart without any serious corrective behavior. The once trending strong cryptocurrency has begun to slow, struggling specifically with anything around $60,000.

Related Reading | Mathematical Mystery: Why Did The Crypto Rally Stop At The Golden Ratio?

Indicators such as the logarithmic MACD are turning down on weekly timeframes for the first time since the bull phase began, and the quarterly candle just closed with the first ever bearish divergence in history. Yet the top cryptocurrency hasn’t corrected anywhere near it has in the past.

Yet it is for none of these reasons that Embily CEO Joe Saz says could very well cause the “cycle top.”

bitcoin btcusdt

Bears have suddenly shown up just as the bull trend begins to falter | Source: BTCUSDT on TradingView.com

Why One Crypto CEO Says The Cycle Top Could Be In

Joe Saz like everyone else these days regularly offers their thoughts on what might happen next across crypto. In his latest self-proclaimed “chart spam,” he warns of something with the potential to put in the cycle top.

Saz focuses on what’s called OB, or order book analysis. He says that the rising red wave in the indicator pictures above is “ask dominance of aggregated spot markets” which he says depicts a “very serious sell side” with enough power that could topple the now struggling Bitcoin rally.

Related Reading | Why The Return Of The Kimchi Premium Doesn’t Bode Well For BTC

Essentially, what this translates to is a sudden spike in sellers appearing at current levels – more so today as price has been rising than recently. At this point, it will be a showdown between bulls and bears, but also fundamentals versus technicals.

Fundamentals remain heavily bullish for Bitcoin, but bearish technicals could at least cause the first serious correction, if not the cycle top that Saz is warning of.

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Number Of Bitcoin Mentions In Company Earnings Reports Goes Parabolic

Among the many reasons for the ongoing bull run in Bitcoin, has been the emergence of corporations and businesses adding BTC to their company treasury reserves.

The sudden increase in demand for large sums of BTC during a period of low supply has caused prices to go parabolic. Interestingly, so have the numbers of mentions in company earnings reports that reference the first ever cryptocurrency by name.

Bitcoin Becomes Corporate Treasury Asset, Led By MicroStrategy CEO Michael Saylor

2020 was undeniably the year Bitcoin officially matured as an asset. Rather than pure speculation, the cryptocurrency network has shown it is here to stay, and instead the underlying asset is being leveraged to protect against dollar inflation.

Related Reading | Mathematical Mystery: Why Did The Crypto Rally Stop At The Golden Ratio?

Hedge funds began dumping gold expecting Bitcoin to be the better performing safe haven asset and economic hedge, and shortly thereafter major publicly traded corporations started swapping out useless cash reserves for an asset that over its lifecycle has appreciated more than anything else in history.

bitcoin corproate fomo

The bull trend took off once corporations began buying BTC | Source: BTCUSD on TradingView.com

The effort was first led by Michael Saylor, CEO of the Nasdaq-listed software firm MicroStrategy, who has since attracted more high-level CEOs and brands to the cryptocurrency sector, such as Elon Musk’s Tesla, and long-time Bitcoin supporter Jack Dorsey, whose company Square Inc. also bought a lion’s share of BTC.

Mentions Of Top Cryptocurrency During Company Earnings Reports Breaks Record

Since the trend of corporations suddenly scrambling to buy the ultra scarce cryptocurrency first began, the price per coin has gone parabolic once again. Also climbing at a similar rate, is the number of mentions from company quarterly or annual earnings reports that include “Bitcoin.”

According to the Twitter handle Documenting Bitcoin via the website Compeete.com, the total mentions in earnings reports has followed a similar trajectory as the price action above.

bitcoin company mentions

Mentions of the top crypto during earnings report discussion are rising | Source: Documenting Bitcoin on Twitter

Bitcoin price is currently struggling to make it above $60,000 and push higher. However, these companies boasting about earnings could cause further FOMO-effect once other businesses learn of how much revenue participation in cryptocurrencies brought.

Related Reading | Why The Return Of The Kimchi Premium Doesn’t Bode Well For BTC

Coinbase is about to go public and its Bitcoin-related revenue has been record-breaking. FOMO might only get frothier from here on out, as the aforementioned Saylor held a seminar earlier this year focused on educating other executives on how to get BTC on the books.

The fruits of that labor could begin to blossom in the following months as those executives take a page from Saylor’s playbook, and get in on the growing earnings mentions due to rising Bitcoin revenue.

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How Bitcoin Dominance Bullish Engulfing Could Signal An End To Altcoin Season

Bitcoin price is diving currently, shaking up the crypto market as a whole. In addition to the correction in the top cryptocurrency by market cap, altcoins have taken an even more severe beating.

With top alts like Ethereum and Litecoin are seeing an even further drop on BTC trading pairs, Bitcoin dominance has formed a bullish engulfing candle just as a key technical indicator reach overheated status. Here’s how that could put an abrupt end to the ongoing altcoin season.

Bitcoin Price Drop Causes Altcoins To Flop

Bitcoin is the first ever cryptocurrency that an entire industry was built from since, and anything that isn’t BTC is considered an altcoin. Ethereum is currently the king of that camp, and is outpacing Bitcoin in performance since its inception.

But due to first move advantage and just how dominant Bitcoin is, it represents more than 50% of the entire crypto market cap. The BTC dominance metric was created to measure the rest of the crypto market and its weight compared to all altcoins.

Related Reading | Following Bitcoin “Reset,” It’s “Off To The Races Again”

BTC dominance has dropped by 18% since end of 2020 highs, leaving a red streak behind. However, during today’s crypto market bloodbath, the metric began to make a comeback and has formed a bullish engulfing candle.

A bullish engulfing candle is a type of Japanese candlestick formation, that typically suggests a short term reversal is in the coming. It forms when after a sharp bearish move, sellers are overwhelmed by a sudden surge in bullish buying. It is then up to bulls to continue the reversal.

bitcoin dominance btc.d reversal bullish engulfing

A bullish engulfing appears as daily RSI reached oversold conditions | Source: CRYPTOCAP-BTC.D on TradingView.com

BTC Dominance Reversal Could Put An End To Alt Season

Coinciding with the bullish engulfing candle pictured above, the daily Relative Strength Index fell sharply into oversold territory. If a reversal plays out in BTC dominance, whatever altcoin season that’s been going on recently, will be over.

Adding more credence to the theory of further reversal in the relationship between Bitcoin and altcoins, on weekly timeframes a hidden bullish divergence has formed, just as BTC.D touches down at the bottom Bollinger Band.

Bitcoin dominance hidden bull div

A bull div on the RSI has formed as dominance falls to Bollinger Band support | Source: CRYPTOCAP-BTC.D on TradingView.com

Divergences occur when price action moves opposite a technical indicator – in this case the Relative Strength Index again on weekly timeframes. Although daily has fallen into completely oversold levels, weekly either has more to go, or buyers are secretly showing up ready to stage a reversal.

Counter Point | Why Bitcoin Dominance Is No Longer Relevant To Crypto

If bulls can begin the comeback starting with a bullish engulfing today, and close out next week with a powerfully bullish move, a morning star doji pattern will be left on weekly charts, adding yet another signal that an extended reversal could result.

Any reversal in BTC.D, could either have Bitcoin leaving alts in its dust, or the coins crash far further than the top cryptocurrency does on its way back down. All that’s left to do, is wait and see.

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Powerful Bottom Signal Spotted In XRP, But There’s A Catch

XRP price is back trading at right around a dollar per token, but according to a rare bottoming pattern spotted by a legendary technical trader on the Bitcoin trading pair, the surge is only just getting started.

However, there’s a catch. When it comes to this particular chart pattern and crypto – the same trader has gotten it very wrong before. Is this time different, or will this “powerful” bottom signal confirm?

XRP Begins Long Painful Road To Recovery After SEC Storm

Ripple and company executives are still locked in a legal battle with the SEC, but just this week had a major victory in the court requiring the release of documents that offer insight into the entity’s findings on other cryptocurrencies: Bitcoin and Ethereum.

Related Reading | XRP Targets New All-Time Highs After Surviving SEC Slaughter

Before the news even broke, XRP pumped to more than $1 per token for the first time since 2018 on the USD trading pair. On the Bitcoin trading pair, however, things have only just started to turn around from extreme bear market lows.

xrp btc fulcrum bottom

According to the iconic trader, there's a compound fulcrum bottom forming against Bitcoin | Source: XRPBTC on TradingView.com

A bottoming pattern taking place across the entire first quartern of 2021, according to iconic career trader Peter Brandt, is “called a compound fulcrum and can be quite a powerful buy signal.”

If he’s right, XRP will soon outperform Bitcoin by a sizable margin. But he’s been wrong before about such a pattern.

Beware: Brandt Has Been Both Wrong And Right About Bitcoin

Brandt, who is a classical chartist with decades of real world market experience, has seen several rare patterns to both confirm and fail. He’s among the few traders to have discovered the rare pattern, and he’s also among the first to identify each Bitcoin parabola forming. In the past, he’s even accurately called the bottom range on Bitcoin’s bear market, a whole year in advance.

But for all his correct calls, Brandt is still human, and gets things wrong. The last time he made the call for a compound fulcrum was back in 2018.

bitcoin btc fulcrum bottom

But the last time he spotted such a signal, it was dead wrong | Source: BTCUSD on TradingView.com

Back then, Bitcoin was trying to hold onto support around $6,000, before taking the ultimate plunge to the bear market bottom – a zone which Brandt himself also ironically called for.

Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy

Whether Brandt was trolling the last time around, or simply incorrect, is not clear. He’s the first to admit that patterns do indeed fail, but when they don’t and behave as they’re expected to, “it’s a thing of beauty.”

Whether or not Brandt will be wrong again, and XRP drops even further against BTC on the ratio remains to be seen.

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