{"id":488739,"date":"2022-04-22T21:16:03","date_gmt":"2022-04-22T21:16:03","guid":{"rendered":"https:\/\/wncen.com\/?p=488739"},"modified":"2024-06-11T10:10:52","modified_gmt":"2024-06-11T10:10:52","slug":"time-vs-price-bitcoin-correction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/time-vs-price-bitcoin-correction\/","title":{"rendered":"Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet"},"content":{"rendered":"

Bitcoin price<\/a> continues to move sideways in an increasingly tightening trading range to the dismay of cryptocurrency investors. The bearish sentiment across the space is among the most prominent in years \u2014 potentially more bearish than the 2018 bear market.<\/p>\n

Here is why the recent correction has felt far more painful than even Black Thursday, despite BTCUSD trading at roughly the same price as one year ago.<\/p>\n

Bearish Bitcoin Sentiment Could Be Blind To Bull Market<\/h2>\n

You might not know it by the current price action, sentiment, or even economic backdrop, but there is a strong chance that Bitcoin is still in a bull market<\/a>.<\/p>\n

The ongoing sideways consolidation phase could ultimately result in another, unexpected thrust upward, according to Bitcoin market structure mimicking an Elliott Wave Theory motive wave.<\/p>\n

Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season<\/a><\/strong><\/em><\/p>\n

A motive wave is five waves in total, with three of those waves moving in the direction of the primary trend. Two waves move in the opposite direction of the primary trend \u2014 the same direction as the bear market<\/a>.<\/p>\n

Up and down waves alternate, and the characteristics of each wave also alternate between sharp and sideways. Up-waves are called impulses and also move in the same five-wave pattern. Corrective phases are typically in an ABC pattern.<\/p>\n

\"BLX_2022-04-22_17-04-12\"<\/p>\n

The final wave of wave V of wave 5 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Bitcoin price very clearly follows this structure on a variety of scales. And all of these structures indicate that there could be a grand finale<\/a> still left to complete a motive wave with a powerful wave five.<\/p>\n
Why Ongoing Sideways Is More Painful Than Black Thursday<\/h2>\n
If this is what could still be ahead, then why exactly is sentiment so bearish? For one, bearish sentiment is often the driver of a wave five. At this point in the trend, fundamentals are no longer improving at the same pace that pulled in market participants. Profit taking is increasing.<\/p>\n
Wave fives are FOMO-driven. And how does that FOMO develop? By having a market on the wrong side of the trade, due to overly bearish sentiment. Such a situation leads to participants chasing entries as prices soar higher.<\/p>\n
Bearish sentiment is a result of positioning. Bears have either sold, are short, or expect more downside. Sentiment is so bearish not because Bitcoin has seen horrific new lows like Black Thursday<\/a>. Sentiment is so bearish because it has taken almost twice as long to go exactly nowhere.<\/p>\n
\"BTCUSD_2022-04-22_09-54-23\"<\/p>\n
Sideways stabs more painfully than a sharp correction | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
If Black Thursday, put in the \u201csharp\u201d wave two bottom, then the market could be painfully moving \u201csideways\u201d in wave four per Elliott Wave\u2019s law of alternation<\/a>. Although the March 2020 correction took BTCUSD down more than 70% from wave one high to wave two low, it only took around 250 days. The intra-cycle peaks on the RSI as the wave three top puts in a potential wave four bottom at roughly the same exact price as it was 14 months ago.<\/p>\n
Even though investors haven\u2019t lost anything in value since then, there is the cost of their time. This correction has gone sideways but taken more than 460 days to mostly go nowhere. Even the bear market itself took only 370 days to reach a capitulation bottom. In a world where instant gratification is commonplace, Bitcoin was expected to already be more than $100K, a war is waging, an economic crisis is looming, and more \u2014 no wonder why the masses are so bearish on Bitcoin.<\/p>\n
Related Reading | Now Or Never: Bitcoin Builds Base At Decade-Long Parabolic Curve<\/a><\/em><\/strong><\/p>\n
But what if they\u2019re wrong, and wave five remains? This theory is shared by contrarian David Hunter<\/a>, who reminds us that a \u201cbull market climbs a wall of worry.\u201d Hunter has made chilling calls in the past, and is expecting a \u201conce-in-a-generation melt up\u201d to ensue any day now, based on little more then the bearish sentiment.<\/p>\n
The idea is that after all this time of sideways, the market has overpriced in any downside, and instead the market corrects to the upside in a dramatic bang. When wave five completes, the market will be blinded by greed and the bearish price movement causing all this negative sentiment will catch everyone off guard.<\/p>\n
“Bear markets slide down a slope of hope.”<\/p><\/blockquote>\n
Follow <\/i><\/b>@TonySpilotroBTC on Twitter<\/i><\/b><\/a> or join\u00a0<\/i><\/b>the TonyTradesBTC Telegram<\/i><\/b><\/a> for exclusive daily market insights and technical analysis education<\/i><\/b>. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price continues to move sideways in an increasingly tightening trading range to the dismay of cryptocurrency investors. The bearish sentiment across the space is among the most prominent in years \u2014 potentially more bearish than the 2018 bear market. Here is why the recent correction has felt far more painful than even Black Thursday, despite BTCUSD trading at roughly the same price as one year ago. Bearish Bitcoin Sentiment Could Be Blind To Bull Market You might not know it by the current price action, sentiment, or even economic backdrop, but there is a strong chance that Bitcoin is still in a bull market. The ongoing sideways consolidation phase could ultimately result in another, unexpected thrust upward, according to Bitcoin market structure mimicking an Elliott Wave Theory motive wave. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season A motive wave is five waves in total, with three of those waves moving in the direction of the primary trend. Two waves move in the opposite direction of the primary trend \u2014 the same direction as the bear market. Up and down waves alternate, and the characteristics of each wave also alternate between sharp and sideways. Up-waves are called impulses and also move in the same five-wave pattern. Corrective phases are typically in an ABC pattern. The final wave of wave V of wave 5 | Source: BTCUSD on TradingView.com Bitcoin price very clearly follows this structure on a variety of scales. And all of these structures indicate that there could be a grand finale still left to complete a motive wave with a powerful wave five. Why Ongoing Sideways Is More Painful Than Black Thursday If this is what could still be ahead, then why exactly is sentiment so bearish? For one, bearish sentiment is often the driver of a wave five. At this point in the trend, fundamentals are no longer improving at the same pace that pulled in market participants. Profit taking is increasing. Wave fives are FOMO-driven. And how does that FOMO develop? By having a market on the wrong side of the trade, due to overly bearish sentiment. Such a situation leads to participants chasing entries as prices soar higher. Bearish sentiment is a result of positioning. Bears have either sold, are short, or expect more downside. Sentiment is so bearish not because Bitcoin has seen horrific new lows like Black Thursday. Sentiment is so bearish because it has taken almost twice as long to go exactly nowhere. Sideways stabs more painfully than a sharp correction | Source: BTCUSD on TradingView.com If Black Thursday, put in the \u201csharp\u201d wave two bottom, then the market could be painfully moving \u201csideways\u201d in wave four per Elliott Wave\u2019s law of alternation. Although the March 2020 correction took BTCUSD down more than 70% from wave one high to wave two low, it only took around 250 days. The intra-cycle peaks on the RSI as the wave three top puts in a potential wave four bottom at roughly the same exact price as it was 14 months ago. Even though investors haven\u2019t lost anything in value since then, there is the cost of their time. This correction has gone sideways but taken more than 460 days to mostly go nowhere. Even the bear market itself took only 370 days to reach a capitulation bottom. In a world where instant gratification is commonplace, Bitcoin was expected to already be more than $100K, a war is waging, an economic crisis is looming, and more \u2014 no wonder why the masses are so bearish on Bitcoin. Related Reading | Now Or Never: Bitcoin Builds Base At Decade-Long Parabolic Curve But what if they\u2019re wrong, and wave five remains? This theory is shared by contrarian David Hunter, who reminds us that a \u201cbull market climbs a wall of worry.\u201d Hunter has made chilling calls in the past, and is expecting a \u201conce-in-a-generation melt up\u201d to ensue any day now, based on little more then the bearish sentiment. The idea is that after all this time of sideways, the market has overpriced in any downside, and instead the market corrects to the upside in a dramatic bang. When wave five completes, the market will be blinded by greed and the bearish price movement causing all this negative sentiment will catch everyone off guard. “Bear markets slide down a slope of hope.” Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":488742,"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":[428,1119,1144,78790,6664,4524],"class_list":["post-488739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt"],"acf":[],"yoast_head":"\nTime Vs Price: Why This Bitcoin Correction Was The Most Painful Yet<\/title>\n<meta name=\"description\" content=\"Bitcoin price continues to move sideways in an increasingly tightening trading range to the dismay of cryptocurrency investors. 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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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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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