{"id":438141,"date":"2020-09-12T01:00:37","date_gmt":"2020-09-12T01:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=438141"},"modified":"2024-06-11T14:16:16","modified_gmt":"2024-06-11T14:16:16","slug":"early-bitcoin-investor-sees-parallels-between-now-and-2016-bull-breakout","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/early-bitcoin-investor-sees-parallels-between-now-and-2016-bull-breakout\/","title":{"rendered":"Early Bitcoin Investor Sees Parallels Between Now And 2016 Bull Breakout"},"content":{"rendered":"<p><a href=\"\/tag\/bitcoin-price\/\" rel=\"nofollow\">Bitcoin price<\/a> has spent the last two years hovering around $10,000 \u2013 a key resistance level that in the past has incited serious FOMO. But according to an early Bitcoin investor who has seen a thing or two, the cryptocurrency won&#8217;t hover around that price forever and sees parallels between the current price action compared the calm before the breakout into the last bull market.<\/p>\n<h2>Early Crypto Investor: Bitcoin Can&#8217;t Hover Around $10,000 Forever<\/h2>\n<p>The world will know soon enough if scarcity-focused valuation methods <a href=\"https:\/\/wncen.com\/2020\/08\/27\/bitcoin-cycle-comparison-chart-lengthening\/\">like the stock-to-flow model<\/a> continue to hold true for Bitcoin. But if they are accurate, the lowered block reward miners now receive in BTC should begin to force Bitcoin prices higher due to lower supply flow.<\/p>\n<p>Natural supply and demand dynamics then begin to sway in favor of price increase, and the asset forms a bubble. And there&#8217;s no reason to think otherwise \u2013 that&#8217;s exactly what the cryptocurrency did <a href=\"https:\/\/wncen.com\/2020\/08\/25\/buy-crypto-search-term-spikes-to-highest-point-since-bitcoin-bubble\/\">several times now<\/a>.<\/p>\n<p>After the cryptocurrency&#8217;s halving in 2016, the asset spent what to crypto investors at the time felt like forever trading below $600. When Bitcoin finally took out that level and left it behind, the crypto asset never looked back.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/09\/07\/bitcoin-crossroads-made-clear-by-two-remaining-lines-in-the-sand\/\">Bitcoin Crossroads Made Clear By Two Remaining Lines in The Sand<\/a><\/strong><\/em><\/p>\n<p>Instead, it plowed right along through every next <a href=\"https:\/\/wncen.com\/topic\/different-types-of-support-and-resistance\/\">psychological resistance<\/a> level imaginable, until it slammed headfirst into $20,000 at peak exuberance and hype.<\/p>\n<p>The same thing is happening once again, <a href=\"https:\/\/wncen.com\/2020\/09\/07\/bitcoin-crossroads-made-clear-by-two-remaining-lines-in-the-sand\/\">but this time at $10,000<\/a>. An early Bitcoin investor who experienced this for themself had dug up an old tweet to show the parallels between each market cycle and where things may potentially be at this time around.<\/p>\n<p>The tweet was from almost exactly four years earlier, and if the every-four-year halving-based theories are correct, Bitcoin is about to take off just like it did last time around.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">In no future does bitcoin forever hover around $10,000. Long-term it\u2019s either $0 or $100,000K+ <a href=\"https:\/\/t.co\/YNMd852BcJ\" rel=\"nofollow\">https:\/\/t.co\/YNMd852BcJ<\/a><\/p>\n<p>&mdash; Stephen Cole (@sthenc) <a href=\"https:\/\/twitter.com\/sthenc\/status\/47348224?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 11, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<h2>Nothing In Between: $100,000 Plus, Or All The Way Down To Zero<\/h2>\n<p>The same Bitcoin investor both then and now does warn, however, that there&#8217;s no middle-ground for the cryptocurrency. It either goes on to fulfill the potential tech enthusiasts and savvy investors see as the <a href=\"https:\/\/wncen.com\/2019\/08\/13\/bitcoin-is-the-future-of-money-claims-bitpandas-guerrilla-projection-campaign\/\">future of money<\/a>, or it fails miserably.<\/p>\n<p>Stephen Cole, the early Bitcoin investors who compares $600 to $10,000, back then suggested that the asset would either crash to zero, or trade at $10,000 or more. Clearly he was right.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"size-large wp-image-438189 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/bitcoin-btcusd-100k-zero.png?fit=860%2C860\" alt=\"bitcoin btcusd 100k zero\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">BTCUSD Weekly Log Scale and Linear Scale Zero Versus $100K Comparison | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n<p>This time, he says that it is either zero, or $100,000, with no chance for in outcome somewhere in between. But which will it be? On the log scale, Bitcoin is a lot closer to $100,000 than zero, but on linear scale its a heck of a lot shorter of a distance down than up to such highs.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a class=\"row-title\" href=\"https:\/\/wncen.com\/2020\/08\/27\/bitcoin-cycle-comparison-chart-lengthening\/\">This Unique Perspective Makes It Clear Bitcoin Cycles Are Lengthening<\/a><\/strong><\/em><\/p>\n<p>Interestingly, there could be some reasoning behind $600 and $10,000 acting so similarly as key levels dor each bear market. Why? Because its the 0.5 Fibonacci retracement level, or almost exactly 50% from the asset&#8217;s two most recent bull market peaks: $1,200 and $20,000.<\/p>\n<p>It is not clear why markets behave this way, but there&#8217;s certainly something more to math and numbers than meets the eye. In fact, yet another important number is coming up this Sunday. Keep watch on NewsBTC for an update on what this crucial number means and why its a big deal to Bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has spent the last two years hovering around $10,000 \u2013 a key resistance level that in the past has incited serious FOMO. But according to an early Bitcoin investor who has seen a thing or two, the cryptocurrency won&#8217;t hover around that price forever and sees parallels between the current price action compared the calm before the breakout into the last bull market. Early Crypto Investor: Bitcoin Can&#8217;t Hover Around $10,000 Forever The world will know soon enough if scarcity-focused valuation methods like the stock-to-flow model continue to hold true for Bitcoin. But if they are accurate, the lowered block reward miners now receive in BTC should begin to force Bitcoin prices higher due to lower supply flow. Natural supply and demand dynamics then begin to sway in favor of price increase, and the asset forms a bubble. And there&#8217;s no reason to think otherwise \u2013 that&#8217;s exactly what the cryptocurrency did several times now. After the cryptocurrency&#8217;s halving in 2016, the asset spent what to crypto investors at the time felt like forever trading below $600. When Bitcoin finally took out that level and left it behind, the crypto asset never looked back. Related Reading | Bitcoin Crossroads Made Clear By Two Remaining Lines in The Sand Instead, it plowed right along through every next psychological resistance level imaginable, until it slammed headfirst into $20,000 at peak exuberance and hype. The same thing is happening once again, but this time at $10,000. An early Bitcoin investor who experienced this for themself had dug up an old tweet to show the parallels between each market cycle and where things may potentially be at this time around. The tweet was from almost exactly four years earlier, and if the every-four-year halving-based theories are correct, Bitcoin is about to take off just like it did last time around. In no future does bitcoin forever hover around $10,000. Long-term it\u2019s either $0 or $100,000K+ https:\/\/t.co\/YNMd852BcJ &mdash; Stephen Cole (@sthenc) September 11, 2020 &nbsp; Nothing In Between: $100,000 Plus, Or All The Way Down To Zero The same Bitcoin investor both then and now does warn, however, that there&#8217;s no middle-ground for the cryptocurrency. It either goes on to fulfill the potential tech enthusiasts and savvy investors see as the future of money, or it fails miserably. Stephen Cole, the early Bitcoin investors who compares $600 to $10,000, back then suggested that the asset would either crash to zero, or trade at $10,000 or more. Clearly he was right. BTCUSD Weekly Log Scale and Linear Scale Zero Versus $100K Comparison | Source: TradingView This time, he says that it is either zero, or $100,000, with no chance for in outcome somewhere in between. But which will it be? On the log scale, Bitcoin is a lot closer to $100,000 than zero, but on linear scale its a heck of a lot shorter of a distance down than up to such highs. Related Reading | This Unique Perspective Makes It Clear Bitcoin Cycles Are Lengthening Interestingly, there could be some reasoning behind $600 and $10,000 acting so similarly as key levels dor each bear market. Why? Because its the 0.5 Fibonacci retracement level, or almost exactly 50% from the asset&#8217;s two most recent bull market peaks: $1,200 and $20,000. It is not clear why markets behave this way, but there&#8217;s certainly something more to math and numbers than meets the eye. In fact, yet another important number is coming up this Sunday. Keep watch on NewsBTC for an update on what this crucial number means and why its a big deal to Bitcoin.<\/p>\n","protected":false},"author":517,"featured_media":438148,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-438141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Early Bitcoin Investor Sees Parallels Between Now And 2016 Bull Breakout<\/title>\n<meta name=\"description\" content=\"Bitcoin price has spent the last two years hovering around $10,000 \u2013 a key resistance level that in the past has incited serious FOMO. 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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\/\"}]}<\/script>\n","yoast_head_json":{"title":"Early Bitcoin Investor Sees Parallels Between Now And 2016 Bull Breakout","description":"Bitcoin price has spent the last two years hovering around $10,000 \u2013 a key resistance level that in the past has incited serious FOMO. 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