{"id":415545,"date":"2020-02-21T19:00:22","date_gmt":"2020-02-21T19:00:22","guid":{"rendered":"https:\/\/wncen.com\/?p=415545"},"modified":"2020-02-21T19:00:43","modified_gmt":"2020-02-21T19:00:43","slug":"bitcoin-to-explode-by-80-before-halving-according-to-past-cycle-comparison","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-to-explode-by-80-before-halving-according-to-past-cycle-comparison\/","title":{"rendered":"Bitcoin To Explode By 80% Before Halving According to Past Cycle Comparison"},"content":{"rendered":"

Bitcoin<\/a> and other cryptocurrencies are having a strong year thus far, however, the rally is only expected to continue with the asset\u2019s halving on the horizon this Ma<\/a>y. <\/span>But how much could Bitcoin spike ahead of the monumental event? <\/span><\/p>\n

According to historical analysis<\/a> of previous market cycles in comparison to where the market may be right now, it suggests that the first-ever cryptocurrency is ready to surge another over 80% prior to the halving.<\/span><\/p>\n

Bitcoin Price Ready for Another 80% Rally After Latest Pullback<\/span><\/h2>\n

The crypto market sentiment index has recently begun to teeter back toward fear from the extreme greed reached last week as Bitcoin<\/a> surged above $10,000 for the first time in 2020.<\/span><\/p>\n

The important level failed to hold, causing the fifth-largest one-hour drop in Bitcoin\u2019s history ever recorded.<\/span><\/p>\n

Related Reading | Bitcoin Halving Overhyped: Previous Cycle Led to Another 6-Month Crypto Winter\u00a0<\/a><\/strong><\/em><\/p>\n

The crash took the price of the first-ever cryptocurrency back to $9,300<\/a>, where it has currently held at weekly support.<\/span><\/p>\n

The drop caused the market to panic, expecting a break of the recent parabola to drive prices down further. <\/span>But retesting and holding former resistance as support is incredibly bullish.<\/span><\/p>\n

When comparing the previous Bitcoin market cycles<\/a>, after the cryptocurrency held support at a similar level as current price action, the cryptocurrency explodes by 83%. However, it ultimately failed to make a new all-time high.<\/span><\/p>\n

\"bitcoin<\/p>\n

(Click for full-size version)<\/strong><\/em><\/a><\/h6>\n

If the same thing happens again, Bitcoin will surge to over $17,000 before another short-lived downtrend cuts the gains down to size.<\/span><\/p>\n

After the next, shorter downtrend is over, Bitcoin<\/a> goes full parabolic and sets a new all-time high \u2013 according to the comparison.<\/span><\/p>\n

Comparing Past and Present Shows Crypto Rally Has More To Go<\/h2>\n

Further supporting the idea that Bitcoin<\/a> has more to rally, is a comparison to the early 2019 rally<\/a>.<\/span><\/p>\n

On the way up after the breakout in April 2019, the leading crypto by market cap formed a golden cross of the 50-day and 200-day moving averages<\/a>. Immediately after this occurrence, Bitcoin plummeted just under 10%.<\/span><\/p>\n

\"bitcoin<\/p>\n

(Click for full-size version)<\/strong><\/em><\/a><\/h6>\n

Just days ago, Bitcoin formed yet another golden cross<\/a>, and the same exact drop happened once again.<\/span><\/p>\n

Much like last time, analysts were watching a convergence of moving averages that would act as support for any pullbacks, but the golden cross proved to be too powerful, and the moving averages were never tested.<\/span><\/p>\n

Related Reading | This 90-Year-Old Indicator Says Bitcoin Uptrend Is Just Getting Started\u00a0<\/a><\/strong><\/em><\/p>\n

Instead, Bitcoin rocketed higher, taking the cryptocurrency to $14,000 \u2013 much higher than anyone expected just months after trading at $3,000.<\/span><\/p>\n

That move resulted in an $11,000 move upward. Bitcoin was just trading around $6,500, and another $11,000 push from there would take Bitcoin<\/a> price to a target of roughly $17,500 – right where the past cycle comparison lines up with the pre-halving peak.<\/span><\/p>\n

\"bitcoin<\/p>\n

(Click for full-size version)<\/strong><\/em><\/a><\/h6>\n

The pattern of peaks and troughs would greatly resemble a five-wave impulse move up, according to Elliott Wave Theory<\/a>. This also exactly matches the last market cycle.<\/span><\/p>\n

More and more similarities can be found around every corner that all indicate that Bitcoin<\/a> is entering its next bull market, and the next movement from here could be a powerful pump that takes the entire market by surprise \u2013 just like it did in early 2019.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies are having a strong year thus far, however, the rally is only expected to continue with the asset\u2019s halving on the horizon this May. But how much could Bitcoin spike ahead of the monumental event? According to historical analysis of previous market cycles in comparison to where the market may be right now, it suggests that the first-ever cryptocurrency is ready to surge another over 80% prior to the halving. Bitcoin Price Ready for Another 80% Rally After Latest Pullback The crypto market sentiment index has recently begun to teeter back toward fear from the extreme greed reached last week as Bitcoin surged above $10,000 for the first time in 2020. The important level failed to hold, causing the fifth-largest one-hour drop in Bitcoin\u2019s history ever recorded. Related Reading | Bitcoin Halving Overhyped: Previous Cycle Led to Another 6-Month Crypto Winter\u00a0 The crash took the price of the first-ever cryptocurrency back to $9,300, where it has currently held at weekly support. The drop caused the market to panic, expecting a break of the recent parabola to drive prices down further. But retesting and holding former resistance as support is incredibly bullish. When comparing the previous Bitcoin market cycles, after the cryptocurrency held support at a similar level as current price action, the cryptocurrency explodes by 83%. However, it ultimately failed to make a new all-time high. (Click for full-size version) If the same thing happens again, Bitcoin will surge to over $17,000 before another short-lived downtrend cuts the gains down to size. After the next, shorter downtrend is over, Bitcoin goes full parabolic and sets a new all-time high \u2013 according to the comparison. Comparing Past and Present Shows Crypto Rally Has More To Go Further supporting the idea that Bitcoin has more to rally, is a comparison to the early 2019 rally. On the way up after the breakout in April 2019, the leading crypto by market cap formed a golden cross of the 50-day and 200-day moving averages. Immediately after this occurrence, Bitcoin plummeted just under 10%. (Click for full-size version) Just days ago, Bitcoin formed yet another golden cross, and the same exact drop happened once again. Much like last time, analysts were watching a convergence of moving averages that would act as support for any pullbacks, but the golden cross proved to be too powerful, and the moving averages were never tested. Related Reading | This 90-Year-Old Indicator Says Bitcoin Uptrend Is Just Getting Started\u00a0 Instead, Bitcoin rocketed higher, taking the cryptocurrency to $14,000 \u2013 much higher than anyone expected just months after trading at $3,000. That move resulted in an $11,000 move upward. Bitcoin was just trading around $6,500, and another $11,000 push from there would take Bitcoin price to a target of roughly $17,500 – right where the past cycle comparison lines up with the pre-halving peak. (Click for full-size version) The pattern of peaks and troughs would greatly resemble a five-wave impulse move up, according to Elliott Wave Theory. This also exactly matches the last market cycle. More and more similarities can be found around every corner that all indicate that Bitcoin is entering its next bull market, and the next movement from here could be a powerful pump that takes the entire market by surprise \u2013 just like it did in early 2019.<\/p>\n","protected":false},"author":517,"featured_media":415551,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,36346],"class_list":["post-415545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-golden-cross"],"acf":[],"yoast_head":"\nBitcoin To Explode By 80% Before Halving According to Past Cycle Comparison<\/title>\n<meta name=\"description\" content=\"Bitcoin and other cryptocurrencies are having a strong year thus far, however, the rally is 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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. 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