{"id":435285,"date":"2020-08-18T01:00:47","date_gmt":"2020-08-18T01:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=435285"},"modified":"2024-06-11T14:15:13","modified_gmt":"2024-06-11T14:15:13","slug":"blast-from-the-past-bitcoin-following-black-thursday-supercycle","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/blast-from-the-past-bitcoin-following-black-thursday-supercycle\/","title":{"rendered":"Blast From the Past: Bitcoin Following Black Thursday &#8220;Supercycle&#8221;"},"content":{"rendered":"<p>Bitcoin price has just today <a href=\"https:\/\/wncen.com\/2020\/08\/16\/why-bitcoin-may-see-an-explosive-rally-despite-recent-12k-rejection\/\">set a new high for 2020<\/a> and is showing no signs of slowing down. However, as greed reaches extreme levels and ROI is stacking across the board, could the cryptocurrency see a surprise correction?<\/p>\n<p>According to a chart that first debuted around Black Thursday, this latest high will result in a pullback toward former lows, before the final bull market breakout takes place. Will the cryptocurrency market see a strong correction based on this &#8220;supercycle&#8221; theory chart shared by a reputable Singapore-based crypto fund?<\/p>\n<h2>Crypto Market Ready For Bull Run, Or Has Greed Gotten Ahead Of Reality?<\/h2>\n<p>Today, Bitcoin price exploded <a href=\"https:\/\/wncen.com\/2020\/08\/16\/why-bitcoin-may-see-an-explosive-rally-despite-recent-12k-rejection\/\">through resistance at $12,000<\/a> and is trading well above $12,250 at the time of this writing. The entire crypto market is up well over 80% on the year, with Bitcoin right behind at more than 70%.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"aligncenter size-large wp-image-435296\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-btcusd-70-ytd.png?fit=860%2C860\" alt=\"bitcoin btcusd\" loading=\"lazy\"><\/p>\n<pre>BTCUSD YTD ROI | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<p>Google Trends shows that searches for crypto are picking up rapidly, suggesting that interest is returning to the market in a major way. Most <a href=\"https:\/\/wncen.com\/2020\/08\/16\/easy-money-coinbase-crypto-coins-grow-over-50-on-average-in-august\/\">Coinbase coins are up over 57%<\/a> over the last month alone, and the crypto fear and greed index has <a href=\"https:\/\/wncen.com\/2020\/08\/10\/be-fearful-crypto-market-greed-reaches-second-highest-point-in-history\/\">reached levels of extreme greed<\/a>.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/08\/10\/be-fearful-crypto-market-greed-reaches-second-highest-point-in-history\/\">Be Fearful: Crypto Market Greed Reaches Second Highest Point In History<\/a><\/strong><\/em><\/p>\n<p>Markets tend to alternate between greed and fear, both reaching extremes before turning around. Some of the world&#8217;s best investors and traders advocate taking a contrarian stance for this very reason. Markets tend to reverse in the opposite direction after achieving such a peak in sentiment.<\/p>\n<p>The last time the fear and greed index reached such a high, was back when Bitcoin was trading above current levels, where a rejection at $14,000 took place.<\/p>\n<h2>Bitcoin &#8220;Supercycle&#8221; Theory Calls For One Last Dip Before Uptrend Begins<\/h2>\n<p>This top sent Bitcoin tumbling back down to the Black Thursday low at $4,000. Prior to that fateful day, the market wasn&#8217;t that fearful since the bear market bottom at $3,000.<\/p>\n<p>The bouncing back and forth between extreme fear and greed, also closely matches a price chart first shared following the Black Thursday collapse. Singapore-based QCP Capital <a href=\"https:\/\/twitter.com\/QCPCapital\/status\/87256576\" target=\"_blank\" rel=\"noopener nofollow\">shared the chart<\/a> they received from a &#8220;professional chartist,&#8221; calling for what the firm says is a Bitcoin &#8220;supercycle.&#8221;<\/p>\n<p>This &#8220;supercycle&#8221; is a five-wave ABCDE corrective triangle, where price action tightens and tightens until there&#8217;s ultimately a breakout an expansion.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"aligncenter size-large wp-image-435294\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/ES-pFsoUEAAeD8v.jpg?fit=860%2C860\" alt=\"bitcoin supercycle\" loading=\"lazy\"><\/p>\n<p>The chart does claim that $10,000 would have acted as the second high, or D-wave, before falling to the final E-wave, then taking off into an uptrend. This, of course, didn&#8217;t happen, and Bitcoin is trading at over $12,000.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/08\/11\/economist-early-days-of-bitcoin-uptrend-are-here-breakout-has-a-long-way-to-go\/\">Economist: Early Days of Bitcoin Uptrend Are Here, Breakout Has A Long Way To Go<\/a><\/strong><\/em><\/p>\n<p>The cryptocurrency, however, still has yet to make a higher high beyond the top last year at $14,000. This still falls into the parameters for an ABCDE corrective wave, keeping the &#8220;supercycle&#8221; theory alive just a little while longer.<\/p>\n<p>If the supercycle idea follows through, Bitcoin has another drop ahead to roughly $7,000 before the bull market finally begins.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has just today set a new high for 2020 and is showing no signs of slowing down. However, as greed reaches extreme levels and ROI is stacking across the board, could the cryptocurrency see a surprise correction? According to a chart that first debuted around Black Thursday, this latest high will result in a pullback toward former lows, before the final bull market breakout takes place. Will the cryptocurrency market see a strong correction based on this &#8220;supercycle&#8221; theory chart shared by a reputable Singapore-based crypto fund? Crypto Market Ready For Bull Run, Or Has Greed Gotten Ahead Of Reality? Today, Bitcoin price exploded through resistance at $12,000 and is trading well above $12,250 at the time of this writing. The entire crypto market is up well over 80% on the year, with Bitcoin right behind at more than 70%. BTCUSD YTD ROI | Source: TradingView Google Trends shows that searches for crypto are picking up rapidly, suggesting that interest is returning to the market in a major way. Most Coinbase coins are up over 57% over the last month alone, and the crypto fear and greed index has reached levels of extreme greed. Related Reading | Be Fearful: Crypto Market Greed Reaches Second Highest Point In History Markets tend to alternate between greed and fear, both reaching extremes before turning around. Some of the world&#8217;s best investors and traders advocate taking a contrarian stance for this very reason. Markets tend to reverse in the opposite direction after achieving such a peak in sentiment. The last time the fear and greed index reached such a high, was back when Bitcoin was trading above current levels, where a rejection at $14,000 took place. Bitcoin &#8220;Supercycle&#8221; Theory Calls For One Last Dip Before Uptrend Begins This top sent Bitcoin tumbling back down to the Black Thursday low at $4,000. Prior to that fateful day, the market wasn&#8217;t that fearful since the bear market bottom at $3,000. The bouncing back and forth between extreme fear and greed, also closely matches a price chart first shared following the Black Thursday collapse. Singapore-based QCP Capital shared the chart they received from a &#8220;professional chartist,&#8221; calling for what the firm says is a Bitcoin &#8220;supercycle.&#8221; This &#8220;supercycle&#8221; is a five-wave ABCDE corrective triangle, where price action tightens and tightens until there&#8217;s ultimately a breakout an expansion. The chart does claim that $10,000 would have acted as the second high, or D-wave, before falling to the final E-wave, then taking off into an uptrend. This, of course, didn&#8217;t happen, and Bitcoin is trading at over $12,000. Related Reading | Economist: Early Days of Bitcoin Uptrend Are Here, Breakout Has A Long Way To Go The cryptocurrency, however, still has yet to make a higher high beyond the top last year at $14,000. This still falls into the parameters for an ABCDE corrective wave, keeping the &#8220;supercycle&#8221; theory alive just a little while longer. If the supercycle idea follows through, Bitcoin has another drop ahead to roughly $7,000 before the bull market finally begins.<\/p>\n","protected":false},"author":517,"featured_media":435295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[134,428,1119,1144,78790,6664,4524,76835],"class_list":["post-435285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-altcoin","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Blast From the Past: Bitcoin Following Black Thursday &quot;Supercycle&quot;<\/title>\n<meta name=\"description\" content=\"Bitcoin price has just today set a new high for 2020 and is showing no signs of slowing down. 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