{"id":393233,"date":"2019-08-15T18:00:55","date_gmt":"2019-08-15T18:00:55","guid":{"rendered":"https:\/\/wncen.com\/?p=393233"},"modified":"2019-08-15T14:13:58","modified_gmt":"2019-08-15T14:13:58","slug":"crypto-analyst-bitcoin-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-analyst-bitcoin-price\/","title":{"rendered":"Crypto Analyst: Recent Bitcoin Price Struggle Similar to 2017 Run"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price <\/a>action over the last few weeks as turned from bullish, to bearish, and crypto investors are torn as to what happens next. Most expect Bitcoin to go on a bull run from here, while <a href=\"https:\/\/wncen.com\/2019\/08\/12\/historical-data-shows-bitcoin-price-correction-could-last-5-more-months\/\">others think a correction until the end of the year is in the cards<\/a>.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, one prominent crypto analyst &#8211; an analyst with analysis so persuasive, they\u2019ve turned even <a href=\"https:\/\/wncen.com\/2019\/06\/21\/why-once-a-bitcoin-skeptic-cnbc-anchor-became-an-enthusiast\/\">Bitcoin skeptics to believers<\/a> \u2013 says that the recent \u201cstruggle\u201d in Bitcoin price at $10,000, looks very similar to the price action that occurred in early 2017 when the crypto asset also struggled to break above $1,000.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Crypto Analyst: Current Bitcoin Price Action Appears Similar to Early 2017 Bull Run<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Prominent crypto analyst 100TrillionUSD is widely known and respected for his <a href=\"https:\/\/medium.com\/@100trillionUSD\/modeling-bitcoins-value-with-scarcity-91fa0fc03e25\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">stock-to-flow model<\/a> designed to help predict long term Bitcoin prices. Using the analyst\u2019s model, it suggests Bitcoin price could reach $55,000 by the next halving in May 2020. The analysis is so overwhelmingly convincing, it\u2019s <a href=\"https:\/\/wncen.com\/2019\/06\/21\/why-once-a-bitcoin-skeptic-cnbc-anchor-became-an-enthusiast\/\">turned many skeptics into believers<\/a>.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/07\/29\/cnbc-host-pushes-bitcoin-cites-halving-and-scarcity-as-catalyst-for-55k-btc\/\">CNBC Host Pushes Bitcoin, Cites Halving and Scarcity As Catalyst for $55K BTC<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">In the analyst&#8217;s latest tweet, a chart is shared depicting <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> represented by color bubbles, with each color bubble representing a larger degree of growth in the BTC\/USD 200-week moving average. The analyst says that after BTC\/USD bottoms, the <a href=\"https:\/\/wncen.com\/2019\/06\/21\/crypto-analyst-bitcoin-price-btc-2\/\">growth in the 200-week moving average begins to rise steadily<\/a> until the next stop.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a>&#39;s 3 month struggle to break the magical $10k feels like begin2017 struggle to break $1k &#8230; we all know what comes next\ud83d\ude80 <a href=\"https:\/\/t.co\/n8RdeA0U8D\" rel=\"nofollow\">pic.twitter.com\/n8RdeA0U8D<\/a><\/p>\n<p>&mdash; PlanB (@100trillionUSD) <a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/40082176?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 15, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">During the steady climb, from the bottom to the next top, Bitcoin price often struggles at key resistance points, with the current price action being a strong example of what happens when the first-ever crypto reaches powerful resistance, despite being on what most believe to be a bull run.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The analyst comments that the current \u201cstruggle\u2019 Bitcoin is experiencing at $10,000, is reminiscent of a similar struggle with resistance during early 2017 when Bitcoin first began to struggle to break through former resistance above $1,000.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-393240 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-chart-1.jpeg?resize=800%2C550\" alt=\"bitcoin price crypto \" width=\"800\" height=\"550\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-chart-1.jpeg?w=800 800w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-chart-1.jpeg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-chart-1.jpeg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-chart-1.jpeg?w=750 750w\" sizes=\"(max-width: 800px) 100vw, 800px\"><\/p>\n<p class=\"p1\"><span class=\"s1\">Eventually, Bitcoin broke above $1,000, and that\u2019s when <a href=\"https:\/\/wncen.com\/2019\/06\/19\/tom-lee-bitcoin-price-btc\/\">FOMO truly kicked into high gear<\/a>, and Bitcoin price smashed through resistance and set off on the greatest bull run the world has ever seen. Bitcoin\u2019s meteoric rise was widely publicized by the media, and made Bitcoin a household name.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/12\/historical-data-shows-bitcoin-price-correction-could-last-5-more-months\/\">Historical Data Shows Crypto Market Correction Could Last 5 More Months<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The FOMO took <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> to its all-time high price of $20,000 before a powerful correction brought its value down to the low $3,000 range where it bottomed. Since then, Bitcoin has reclaimed much lost ground but has yet to break out of bear market resistance above $13,800. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Once Bitcoin is able to reconfirm support lower and reclaim $10,000 with strength, the leading crypto by market cap should be able to finally break through the powerful resistance and embark on the next bull run \u2013 one that this analyst says would <a href=\"https:\/\/wncen.com\/2019\/07\/29\/cnbc-host-pushes-bitcoin-cites-halving-and-scarcity-as-catalyst-for-55k-btc\/\">take Bitcoin price to $55,000 by May 2020<\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price action over the last few weeks as turned from bullish, to bearish, and crypto investors are torn as to what happens next. Most expect Bitcoin to go on a bull run from here, while others think a correction until the end of the year is in the cards. However, one prominent crypto analyst &#8211; an analyst with analysis so persuasive, they\u2019ve turned even Bitcoin skeptics to believers \u2013 says that the recent \u201cstruggle\u201d in Bitcoin price at $10,000, looks very similar to the price action that occurred in early 2017 when the crypto asset also struggled to break above $1,000. Crypto Analyst: Current Bitcoin Price Action Appears Similar to Early 2017 Bull Run Prominent crypto analyst 100TrillionUSD is widely known and respected for his stock-to-flow model designed to help predict long term Bitcoin prices. Using the analyst\u2019s model, it suggests Bitcoin price could reach $55,000 by the next halving in May 2020. The analysis is so overwhelmingly convincing, it\u2019s turned many skeptics into believers. Related Reading | CNBC Host Pushes Bitcoin, Cites Halving and Scarcity As Catalyst for $55K BTC In the analyst&#8217;s latest tweet, a chart is shared depicting Bitcoin price represented by color bubbles, with each color bubble representing a larger degree of growth in the BTC\/USD 200-week moving average. The analyst says that after BTC\/USD bottoms, the growth in the 200-week moving average begins to rise steadily until the next stop. #bitcoin&#39;s 3 month struggle to break the magical $10k feels like begin2017 struggle to break $1k &#8230; we all know what comes next\ud83d\ude80 pic.twitter.com\/n8RdeA0U8D &mdash; PlanB (@100trillionUSD) August 15, 2019 During the steady climb, from the bottom to the next top, Bitcoin price often struggles at key resistance points, with the current price action being a strong example of what happens when the first-ever crypto reaches powerful resistance, despite being on what most believe to be a bull run. The analyst comments that the current \u201cstruggle\u2019 Bitcoin is experiencing at $10,000, is reminiscent of a similar struggle with resistance during early 2017 when Bitcoin first began to struggle to break through former resistance above $1,000. Eventually, Bitcoin broke above $1,000, and that\u2019s when FOMO truly kicked into high gear, and Bitcoin price smashed through resistance and set off on the greatest bull run the world has ever seen. Bitcoin\u2019s meteoric rise was widely publicized by the media, and made Bitcoin a household name. Related Reading | Historical Data Shows Crypto Market Correction Could Last 5 More Months The FOMO took Bitcoin price to its all-time high price of $20,000 before a powerful correction brought its value down to the low $3,000 range where it bottomed. Since then, Bitcoin has reclaimed much lost ground but has yet to break out of bear market resistance above $13,800. Once Bitcoin is able to reconfirm support lower and reclaim $10,000 with strength, the leading crypto by market cap should be able to finally break through the powerful resistance and embark on the next bull run \u2013 one that this analyst says would take Bitcoin price to $55,000 by May 2020.<\/p>\n","protected":false},"author":517,"featured_media":393237,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[43545,428,5233,6664,49380],"class_list":["post-393233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-100trillionusd","tag-bitcoin","tag-bull-run","tag-crypto","tag-planb"],"acf":[],"yoast_head":"\n<title>Crypto Analyst: Recent Bitcoin Price Struggle Similar to 2017 Run<\/title>\n<meta name=\"description\" content=\"Bitcoin price action over the last few weeks as turned from bullish, to bearish, and crypto investors are torn as to what happens next. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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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. 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