{"id":542627,"date":"2023-07-14T00:12:06","date_gmt":"2023-07-14T00:12:06","guid":{"rendered":"https:\/\/wncen.com\/?p=542627"},"modified":"2024-06-11T06:59:30","modified_gmt":"2024-06-11T06:59:30","slug":"perfect-storm-why-bitcoin-crypto-dramatic-recovery","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/perfect-storm-why-bitcoin-crypto-dramatic-recovery\/","title":{"rendered":"Perfect Storm: Why Bitcoin & Crypto Are Poised For A Dramatic Recovery"},"content":{"rendered":"

Bitcoin is flirting with $32,000 per coin, XRP just posted a 100% intraday rally, and suddenly cryptocurrency prices are green again.<\/p>\n

The sudden change is all part of a possible perfect storm brewing \u2014 one that leads to a dramatic recovery and new all-time highs sooner than most would expect.<\/p>\n

\u201cNot A Security\u201d XRP Victory Signals Relief In Crypto<\/h2>\n

The idea that cryptocurrencies could recover at all in the recent macro environment has been scoffed at throughout 2023. Layer in the impact of the SEC putting pressure on the industry by labeling certain altcoins as securities, and few wanted to risk their money on digital coins.<\/p>\n

Related Reading: Bitcoin Reaches Longest Stretch Ever Without A Bull Run<\/a><\/div>\n

But that label was just removed from XRP, and that\u2019s all it took to double in price in just one day. XRP has since given back some of that upside, but it\u2019s a shocking enough move to get people to start paying attention to crypto again \u2014 especially altcoins.<\/p>\n

A rising tide also tends to lift all boats. And with Bitcoin staying buoyant above $30,000 per coin, Ethereum holding above $1,800, and the \u201cripple effect\u201d happening in BTC dominance as a result of the XRP move, altcoins have already started to participate.<\/p>\n

\"DXY_2023-07-13_18-02-13\"<\/p>\n

The dollar diving could help crypto climb | DXY on TradingView.com<\/a><\/pre>\n
The DXY And The Perfect Storm For Bitcoin<\/h2>\n
So how is this set up to be a perfect storm? Cryptocurrencies have been in oversold conditions for an extended period, and order books are thinner today than they were in 2021. It won\u2019t take much money coming in to begin to make prices move, per XRP\u2019s example.<\/p>\n
Today alone, hundreds of other altcoins posted substantial gains, simply because XRP is no longer labeled a security. It caused an immediate rush into other altcoins which are at bear market lows and priced at a great value compared to 2021 ATHs.<\/p>\n
Related Reading: The One Ingredient Missing From A Full-Bore Bitcoin Bull Run<\/a><\/div>\n
Given the previously mentioned macro landscape, many traders remain short Bitcoin and other coins, and could soon find themselves helping to push prices higher as they\u2019re squeezed out of positions. Others aren\u2019t short, but are sidelined and remains reluctant to buy in. This situation could result in chasing prices higher and higher.<\/p>\n
Finally, this perfect storm is capped off by inflation cooling, the stock market approaching ATHs, and the US Dollar weakening according to the DXY. The DXY just lost the 100-point level, which potentially sent a risk-on signal to financial markets.<\/p>\n
\n
Interesting timing for the $DXY<\/a> to take a dive coinciding with the $XRP<\/a> case outcome<\/p>\n
Really seems like a perfect storm for crypto is upon us pic.twitter.com\/rjfGp9TE4O<\/a><\/p>\n
— Tony "The Bull" (@tonythebullBTC) July 13, 2023<\/a><\/p><\/blockquote>\n
With all cryptocurrencies prices in USD as their base trading pair, a perfect storm is here that could cause prices to surge unstoppably higher.<\/p>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Follow @TonyTheBullBTC<\/a> & @coinchartist_io<\/a> on Twitter. Or join\u00a0the TonyTradesBTC Telegram<\/a> for 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<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is flirting with $32,000 per coin, XRP just posted a 100% intraday rally, and suddenly cryptocurrency prices are green again. The sudden change is all part of a possible perfect storm brewing \u2014 one that leads to a dramatic recovery and new all-time highs sooner than most would expect. \u201cNot A Security\u201d XRP Victory Signals Relief In Crypto The idea that cryptocurrencies could recover at all in the recent macro environment has been scoffed at throughout 2023. Layer in the impact of the SEC putting pressure on the industry by labeling certain altcoins as securities, and few wanted to risk their money on digital coins. Related Reading: Bitcoin Reaches Longest Stretch Ever Without A Bull Run But that label was just removed from XRP, and that\u2019s all it took to double in price in just one day. XRP has since given back some of that upside, but it\u2019s a shocking enough move to get people to start paying attention to crypto again \u2014 especially altcoins. A rising tide also tends to lift all boats. And with Bitcoin staying buoyant above $30,000 per coin, Ethereum holding above $1,800, and the \u201cripple effect\u201d happening in BTC dominance as a result of the XRP move, altcoins have already started to participate. The dollar diving could help crypto climb | DXY on TradingView.com The DXY And The Perfect Storm For Bitcoin So how is this set up to be a perfect storm? Cryptocurrencies have been in oversold conditions for an extended period, and order books are thinner today than they were in 2021. It won\u2019t take much money coming in to begin to make prices move, per XRP\u2019s example. Today alone, hundreds of other altcoins posted substantial gains, simply because XRP is no longer labeled a security. It caused an immediate rush into other altcoins which are at bear market lows and priced at a great value compared to 2021 ATHs. Related Reading: The One Ingredient Missing From A Full-Bore Bitcoin Bull Run Given the previously mentioned macro landscape, many traders remain short Bitcoin and other coins, and could soon find themselves helping to push prices higher as they\u2019re squeezed out of positions. Others aren\u2019t short, but are sidelined and remains reluctant to buy in. This situation could result in chasing prices higher and higher. Finally, this perfect storm is capped off by inflation cooling, the stock market approaching ATHs, and the US Dollar weakening according to the DXY. The DXY just lost the 100-point level, which potentially sent a risk-on signal to financial markets. Interesting timing for the $DXY to take a dive coinciding with the $XRP case outcome Really seems like a perfect storm for crypto is upon us pic.twitter.com\/rjfGp9TE4O — Tony "The Bull" (@tonythebullBTC) July 13, 2023 With all cryptocurrencies prices in USD as their base trading pair, a perfect storm is here that could cause prices to surge unstoppably higher. Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join\u00a0the TonyTradesBTC Telegram for 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":542631,"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":[142,428,6664,1817,79522],"class_list":["post-542627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-bitcoin","tag-crypto","tag-dollar","tag-dxy"],"acf":[],"yoast_head":"\nPerfect Storm: Why Bitcoin & Crypto Are Poised For A Dramatic Recovery<\/title>\n<meta name=\"description\" content=\"Bitcoin is flirting with $32,000 per coin, XRP just posted a 100% intraday rally, and suddenly cryptocurrency prices are green again. 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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":"Perfect Storm: Why Bitcoin & Crypto Are Poised For A Dramatic Recovery","url":"http:\/\/wncen.com\/news\/perfect-storm-why-bitcoin-crypto-dramatic-recovery\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/perfect-storm-why-bitcoin-crypto-dramatic-recovery\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1410510792.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1410510792.jpg?fit=1984%2C1511"},"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":["altcoins","bitcoin","crypto","dollar","dxy"],"dateCreated":"2023-07-14T00:12:06Z","datePublished":"2023-07-14T00:12:06Z","dateModified":"2024-06-11T06:59:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Perfect Storm: Why Bitcoin & Crypto Are Poised For A Dramatic Recovery\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/perfect-storm-why-bitcoin-crypto-dramatic-recovery\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/perfect-storm-why-bitcoin-crypto-dramatic-recovery\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1410510792.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1410510792.jpg?fit=1984%2C1511\"},\"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\":[\"altcoins\",\"bitcoin\",\"crypto\",\"dollar\",\"dxy\"],\"dateCreated\":\"2023-07-14T00:12:06Z\",\"datePublished\":\"2023-07-14T00:12:06Z\",\"dateModified\":\"2024-06-11T06:59:30Z\"}<\/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\/2023\/07\/iStock-1410510792.jpg?fit=1984%2C1511","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/542627"}],"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=542627"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/542627\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/542631"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=542627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=542627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=542627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}