{"id":415092,"date":"2020-02-18T19:00:26","date_gmt":"2020-02-18T19:00:26","guid":{"rendered":"https:\/\/wncen.com\/?p=415092"},"modified":"2020-02-18T17:36:42","modified_gmt":"2020-02-18T17:36:42","slug":"analyst-crypto-market-pullback-imminent","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-crypto-market-pullback-imminent\/","title":{"rendered":"Analyst: Crypto Market Pullback Imminent But May Not Occur For Months"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The <a href=\"https:\/\/wncen.com\/2020\/02\/17\/crypto-market-crash-this-technical-structure-puts-end-to-uptrend\/\">crypto market<\/a> experienced a short and minor correction this past week but appears to be ready to keep chugging right along, with no end to the momentum in sight.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In fact, one cryptocurrency analyst says that while there\u2019s no denying that a correction is imminent, it may not happen for weeks to months, as Bitcoin and the rest of its altcoin cousins are ready to charge forward into a <a href=\"https:\/\/wncen.com\/2020\/01\/30\/10-factors-confirm-a-new-crypto-bull-market-has-officially-begun\/\">new bull market<\/a>.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Bull Market is Back: Total Crypto Market Grows By Nearly 75% Year-to-Date<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">The<a href=\"https:\/\/www.tradingview.com\/symbols\/CRYPTOCAP-TOTAL\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"> total aggregate cryptocurrency market cap<\/a> has added over $125 billion in value since the start of the year and is up nearly 75% year-to-date.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">After such a powerful move upward in less than two short month\u2019s time, a correction is expected and already overdue.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/01\/30\/10-factors-confirm-a-new-crypto-bull-market-has-officially-begun\/\">10 Factors Confirm a New Crypto Bull Market Has Officially Begun\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">And while a short-lived correction played out over the last 48 hours, it failed to set the crypto market back more than 10%.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">That correction already may be over, as the<a href=\"https:\/\/wncen.com\/2020\/01\/30\/10-factors-confirm-a-new-crypto-bull-market-has-officially-begun\/\"> total crypto market has already started moving upward once again<\/a> towards setting new yearly local highs.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A deeper correction may still be a ways off, and according to one crypto analyst, may even take weeks or months before a deeper retracement hits the greater crypto market.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> 1 Week Chart since May 2015.<br \/>A pull-back may be imminent, but this does not mean it can&#39;t occur weeks or a couple months from now. <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/t.co\/1AEZSOCPSe\" rel=\"nofollow\">pic.twitter.com\/1AEZSOCPSe<\/a><\/p>\n<p>&mdash; Cappa (@Grail_Whale) <a href=\"https:\/\/twitter.com\/Grail_Whale\/status\/18940417?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 18, 2020<\/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\"><a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> and the rest of the crypto market, including <a href=\"https:\/\/wncen.com\/2020\/01\/23\/altcoin-market-following-early-bitcoin-path-could-lead-to-life-changing-wealth\/\">altcoins like Ethereum, XRP, Tezos, Link, and many others<\/a>, simply have too much momentum behind them.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">And after <a href=\"https:\/\/wncen.com\/2020\/02\/14\/xrp-bear-trend-over-epic-rally-likely\/\">two full years of a bear market<\/a>, they have over 90% drawdowns in many cases to recapture, so there\u2019s still plenty of room to fly.<\/span><\/p>\n<h2>Bitcoin and Altcoins Have Further to Climb Before Real Correction, According to Signals<\/h2>\n<p class=\"p1\"><span class=\"s1\">Further supporting more uptrend before a deeper correction occurs, is an <a href=\"https:\/\/wncen.com\/2020\/02\/17\/crypto-market-crash-this-technical-structure-puts-end-to-uptrend\/\">uptrend channel that has thus far held up<\/a>. Even the latest correction couldn\u2019t close outside of the channel, despite a long wick through it.<\/span><\/p>\n<p><span class=\"s1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-415102\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Screen-Shot-2020-02-18-at-11.50.50-AM.png?resize=860%2C464\" alt=\"total crypto market cap\" width=\"860\" height=\"464\"><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">When zooming out and viewing technical analysis across the daily timeframe, the current angle of the uptrend exactly matches the angle of the previous uptrend that took Bitcoin to $14,000.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The previous uptrend had 5 impulse waves up, followed by an ABC correction. The current trend appears to only be on the fourth impulse wave, leaving one more extremely powerful impulse upward before another ABC correction ensues.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-415104\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Screen-Shot-2020-02-18-at-12.25.13-PM.png?resize=860%2C464\" alt=\"total crypto market bitcoin altcoins\" width=\"860\" height=\"464\"><\/p>\n<p class=\"p1\"><span class=\"s1\">A similar formation has also appeared on the Relative Strength Index, and if the pattern repeats, a surge is expected to a new high in price, but a lower high in the indicator \u2013 creating what\u2019s known as a <a href=\"https:\/\/wncen.com\/2020\/02\/12\/ethereum-altcoins-reach-critical-resistance\/\">bearish divergence<\/a>.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The MACD is currently pointed down and crossed down on the histogram, but appears to be starting a turn upward for one more push higher.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Counter-Point | <a href=\"https:\/\/wncen.com\/2020\/02\/17\/crypto-market-crash-this-technical-structure-puts-end-to-uptrend\/\">Crypto Market Crash: This Technical Structure Puts End to Uptrend\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Finally, stochastic is showing that a trendline from the bottom of when the uptrend channel formed is still intact.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><a href=\"https:\/\/wncen.com\/2020\/01\/30\/10-factors-confirm-a-new-crypto-bull-market-has-officially-begun\/\">All these signs combined<\/a>, point to further upside in the days, weeks, and possibly months ahead before a deeper drop causes a strong retracement.<\/span><\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The crypto market experienced a short and minor correction this past week but appears to be ready to keep chugging right along, with no end to the momentum in sight. In fact, one cryptocurrency analyst says that while there\u2019s no denying that a correction is imminent, it may not happen for weeks to months, as Bitcoin and the rest of its altcoin cousins are ready to charge forward into a new bull market. Bull Market is Back: Total Crypto Market Grows By Nearly 75% Year-to-Date The total aggregate cryptocurrency market cap has added over $125 billion in value since the start of the year and is up nearly 75% year-to-date. After such a powerful move upward in less than two short month\u2019s time, a correction is expected and already overdue. Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun\u00a0 And while a short-lived correction played out over the last 48 hours, it failed to set the crypto market back more than 10%. That correction already may be over, as the total crypto market has already started moving upward once again towards setting new yearly local highs. A deeper correction may still be a ways off, and according to one crypto analyst, may even take weeks or months before a deeper retracement hits the greater crypto market. #Bitcoin 1 Week Chart since May 2015.A pull-back may be imminent, but this does not mean it can&#39;t occur weeks or a couple months from now. #BTC $BTC pic.twitter.com\/1AEZSOCPSe &mdash; Cappa (@Grail_Whale) February 18, 2020 Bitcoin and the rest of the crypto market, including altcoins like Ethereum, XRP, Tezos, Link, and many others, simply have too much momentum behind them. And after two full years of a bear market, they have over 90% drawdowns in many cases to recapture, so there\u2019s still plenty of room to fly. Bitcoin and Altcoins Have Further to Climb Before Real Correction, According to Signals Further supporting more uptrend before a deeper correction occurs, is an uptrend channel that has thus far held up. Even the latest correction couldn\u2019t close outside of the channel, despite a long wick through it. When zooming out and viewing technical analysis across the daily timeframe, the current angle of the uptrend exactly matches the angle of the previous uptrend that took Bitcoin to $14,000. The previous uptrend had 5 impulse waves up, followed by an ABC correction. The current trend appears to only be on the fourth impulse wave, leaving one more extremely powerful impulse upward before another ABC correction ensues. A similar formation has also appeared on the Relative Strength Index, and if the pattern repeats, a surge is expected to a new high in price, but a lower high in the indicator \u2013 creating what\u2019s known as a bearish divergence. The MACD is currently pointed down and crossed down on the histogram, but appears to be starting a turn upward for one more push higher. Counter-Point | Crypto Market Crash: This Technical Structure Puts End to Uptrend\u00a0 Finally, stochastic is showing that a trendline from the bottom of when the uptrend channel formed is still intact. All these signs combined, point to further upside in the days, weeks, and possibly months ahead before a deeper drop causes a strong retracement. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":415105,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,13625,16894],"tags":[142,428,12672,6664,2849,14763,32534],"class_list":["post-415092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-ethereum","category-ripple","tag-altcoins","tag-bitcoin","tag-bull-market","tag-crypto","tag-macd","tag-rsi","tag-total-crypto-market-cap"],"acf":[],"yoast_head":"\n<title>Analyst: Crypto Market Pullback Imminent But May Not Occur For Months<\/title>\n<meta name=\"description\" content=\"The crypto market experienced a short and minor correction this past week but appears to be ready to keep chugging right along, with no end to the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/analyst-crypto-market-pullback-imminent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyst: Crypto Market Pullback Imminent But May Not Occur For Months\" \/>\n<meta property=\"og:description\" content=\"The crypto market experienced a short and minor correction this past week but appears to be ready to keep chugging right along, with no end to the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/analyst-crypto-market-pullback-imminent\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-18T19:00:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-18T17:36:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/total-crypto-market-correction-bitcoin-altcoins-shutterstock_303617228.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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