{"id":436593,"date":"2020-08-29T01:00:22","date_gmt":"2020-08-29T01:00:22","guid":{"rendered":"https:\/\/wncen.com\/?p=436593"},"modified":"2024-06-11T09:13:16","modified_gmt":"2024-06-11T09:13:16","slug":"heres-the-reason-bitcoin-may-not-break-20k-record-for-another-year","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/heres-the-reason-bitcoin-may-not-break-20k-record-for-another-year\/","title":{"rendered":"Here\u2019s The Reason Bitcoin May Not Break $20K Record For Another Year"},"content":{"rendered":"

Bitcoin breaking through $10,000<\/a> immediately brought with it the return of talk of new all-time highs. But the longer the cryptocurrency stays this far below the stock-to-flow model, the more likely lengthening market cycles become more plausible.<\/p>\n

Here’s why a new all-time high may not happen in the crypto market for at least another year, according to one of the most accurate long term analysts in crypto.<\/p>\n

Halving Just Hype? Here’s Why Longer Bitcoin Cycles Mean No New ATH Until 2021<\/h2>\n

The crypto market is a strange beast. The regulation-light, wild west atmosphere is amplified by braggarts hiding behind pictures of animals and using pseudonymous names on social media.<\/p>\n

The crypto industry was built on transparency, but also privacy. Even Bitcoin’s creator went by a pseudonym<\/a>, and the world may never know who exactly was responsible for one of the most revolutionary financial technologies ever to exist.<\/p>\n

But much like Satoshi’s accomplishments and contributions shouldn’t be any less valuable as a result, there are many diamonds in the rough among the sea of mysterious traders.<\/p>\n

Related Reading | This Unique Perspective Makes It Clear Bitcoin Cycles Are Lengthening<\/a><\/strong><\/em><\/p>\n

Few analysts have had the track record of success that crypto analyst Dave the Wave has. A perfect call for a bounce<\/a> at the 200-week moving average put in Bitcoin’s bottom in early 2019. He later warned that Bitcoin was way ahead of schedule as the asset went parabolic in mid-2019.<\/p>\n

He sticks to his long-term analysis and theory that each Bitcoin cycle is lengthening<\/a>. The theory is also based on a logarithmic growth curve<\/a> that BTC has been following its entire existence. Because the asset is a technology being adopted, its growth is best measured in log terms, rather than linear.<\/p>\n

\"bitcoin<\/p>\n

BNC BLX 1M Lengthening Bitcoin Cycles | Source: TradingView<\/a><\/pre>\n
Other analysts say it is for this reason that Wall Street isn’t ready for what’s next in Bitcoin. Using linear scale to chart Bitcoin, puts long-term price projections literally ‘off the charts.’<\/p>\n
According to the crypto analyst<\/a>, there’s been an extra year added to the base of each major parabolic correction, suggesting that a new all-time high won’t come for another year.<\/p>\n
Related Reading | How Lengthening Bitcoin Cycles Conflict With Halving Driven Supply Theories<\/a><\/strong><\/em><\/p>\n
Technical analysis is not a perfect science, and as has happened in the past, Bitcoin could get overheated and meet beyond $20,000 before its ready. But as the rise to $14,000 in 2019 proved with another downtrend, too fast and too furious isn’t always healthy.<\/p>\n
If Bitcoin cycles are lengthening<\/a>, as Dave the Wave and other analysts that don’t subscribe to the stock-to-flow, scarcity driven models say, then the crypto market has another year of consolidation ahead.<\/p>\n
It also could suggest that things are topping out currently, or in the near-term. If this is the case, and the lengthening cycle theory<\/a> is proven, will the asset’s halving still be considered such a significant event, or just an opportunity for false hype and hope?<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin breaking through $10,000 immediately brought with it the return of talk of new all-time highs. But the longer the cryptocurrency stays this far below the stock-to-flow model, the more likely lengthening market cycles become more plausible. Here’s why a new all-time high may not happen in the crypto market for at least another year, according to one of the most accurate long term analysts in crypto. Halving Just Hype? Here’s Why Longer Bitcoin Cycles Mean No New ATH Until 2021 The crypto market is a strange beast. The regulation-light, wild west atmosphere is amplified by braggarts hiding behind pictures of animals and using pseudonymous names on social media. The crypto industry was built on transparency, but also privacy. Even Bitcoin’s creator went by a pseudonym, and the world may never know who exactly was responsible for one of the most revolutionary financial technologies ever to exist. But much like Satoshi’s accomplishments and contributions shouldn’t be any less valuable as a result, there are many diamonds in the rough among the sea of mysterious traders. Related Reading | This Unique Perspective Makes It Clear Bitcoin Cycles Are Lengthening Few analysts have had the track record of success that crypto analyst Dave the Wave has. A perfect call for a bounce at the 200-week moving average put in Bitcoin’s bottom in early 2019. He later warned that Bitcoin was way ahead of schedule as the asset went parabolic in mid-2019. He sticks to his long-term analysis and theory that each Bitcoin cycle is lengthening. The theory is also based on a logarithmic growth curve that BTC has been following its entire existence. Because the asset is a technology being adopted, its growth is best measured in log terms, rather than linear. BNC BLX 1M Lengthening Bitcoin Cycles | Source: TradingView Other analysts say it is for this reason that Wall Street isn’t ready for what’s next in Bitcoin. Using linear scale to chart Bitcoin, puts long-term price projections literally ‘off the charts.’ According to the crypto analyst, there’s been an extra year added to the base of each major parabolic correction, suggesting that a new all-time high won’t come for another year. Related Reading | How Lengthening Bitcoin Cycles Conflict With Halving Driven Supply Theories Technical analysis is not a perfect science, and as has happened in the past, Bitcoin could get overheated and meet beyond $20,000 before its ready. But as the rise to $14,000 in 2019 proved with another downtrend, too fast and too furious isn’t always healthy. If Bitcoin cycles are lengthening, as Dave the Wave and other analysts that don’t subscribe to the stock-to-flow, scarcity driven models say, then the crypto market has another year of consolidation ahead. It also could suggest that things are topping out currently, or in the near-term. If this is the case, and the lengthening cycle theory is proven, will the asset’s halving still be considered such a significant event, or just an opportunity for false hype and hope?<\/p>\n","protected":false},"author":517,"featured_media":436598,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,79638,1119,1144,78790,6664,4524,76835],"class_list":["post-436593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-blx","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nHere\u2019s The Reason Bitcoin May Not Break $20K Record For Another Year<\/title>\n<meta name=\"description\" content=\"Bitcoin breaking through $10,000 immediately brought with it the return of talk of new all-time highs. 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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. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here\u2019s The Reason Bitcoin May Not Break $20K Record For Another Year","url":"http:\/\/wncen.com\/news\/heres-the-reason-bitcoin-may-not-break-20k-record-for-another-year\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/heres-the-reason-bitcoin-may-not-break-20k-record-for-another-year\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-broken-record-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-broken-record-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","blx","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2020-08-29T01:00:22Z","datePublished":"2020-08-29T01:00:22Z","dateModified":"2024-06-11T09:13:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here\\u2019s The Reason Bitcoin May Not Break $20K Record For Another Year\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/heres-the-reason-bitcoin-may-not-break-20k-record-for-another-year\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/heres-the-reason-bitcoin-may-not-break-20k-record-for-another-year\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/bitcoin-broken-record-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/bitcoin-broken-record-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"blx\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2020-08-29T01:00:22Z\",\"datePublished\":\"2020-08-29T01:00:22Z\",\"dateModified\":\"2024-06-11T09:13:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-broken-record-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436593"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=436593"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436593\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/436598"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=436593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=436593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=436593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}