{"id":451898,"date":"2020-12-10T01:00:42","date_gmt":"2020-12-10T01:00:42","guid":{"rendered":"https:\/\/wncen.com\/?p=451898"},"modified":"2024-06-11T14:09:10","modified_gmt":"2024-06-11T14:09:10","slug":"this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/","title":{"rendered":"This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%"},"content":{"rendered":"

The top crypto asset has successfully set a new all-time high in 2020, but the promised altcoin season<\/a> that was supposed to follow is nowhere to be found. And with Bitcoin’s momentum turning and a correction overdue, the lack of strength in altcoins could see the total crypto market cap sans BTC sliced in half, from $200 billion to $100 billion.<\/p>\n

Here’s why a short-term bearish pattern could lead to a breakdown from current levels, and a retest of support below, but also why the true alt season is almost near and could ultimately lead to a $6 trillion market cap.<\/p>\n

2020 Is The Year Of Bitcoin Comeback, But The Rest Of Crypto Lags Behind<\/h2>\n

2020 has been the year of Bitcoin maturing as a mainstream financial asset. Hedge funds are now reallocating gold into the cryptocurrency and companies are swapping cash for BTC to protect corporate treasuries<\/a> from the coming hyperinflation.<\/p>\n

And while Bitcoin is extremely bullish and some of that has extended into the wider crypto market recently, propelling the likes of Ethereum, Ripple, and Litecoin higher, they have failed to outperform<\/a> the most dominant cryptocurrency as they had in the past once it set a new peak.<\/p>\n

During the last bull run, as soon as Bitcoin set a new record, money flowed into altcoins so fast, they exploded in value. The rally caused BTC dominance<\/a> to fall off a cliff, and the crypto bubble began to fill with hot air.<\/p>\n

Market participants who went through this in the past, have expected lightning to strike twice for altcoins<\/a>, but it would take a new all-time high in Bitcoin first.<\/p>\n

That moment is now in the past, but alts are not only failing to soar, but they’re also at risk of seeing a nearly 50% collapse, according to technical analysis<\/a>. However, the same technicals suggest this is one of the final remaining corrections in the altcoin market before the true alt season is upon us.<\/p>\n

\"altcoin<\/p>\n

Altcoins could retrace by as much as 50% to confirm support if wedge breaks down | Source: CRYPTOCAP-TOTAL2 on TradingView.com<\/a><\/pre>\n
The total altcoin market cap made up primarily of the top ten crypto assets including Ethereum, Ripple, Litecoin, Chainlink, and more is exhibiting a bearish structure. The ascending wedge pattern<\/a> typically breaks to the downside, resulting in a fall lower.<\/p>\n
Rejection from resistance stemming back to when the altcoin bear market started, could send the alt market stumbling back down to retest resistance flipped support<\/a>.<\/p>\n
\"altcoin<\/p>\n
Larger, high timeframe bullish patterns dominate the short-term bearish signal | Source: CRYPTOCAP-TOTAL2 on TradingView.com<\/a><\/pre>\n
The Next Altcoin Season Could Lead To A $6 Trillion Market Cap<\/h2>\n
Although the specific pattern is bearish, it is only one pattern in a slew of high timeframe price action with several bullish patterns<\/a>. All of the recent price action is sandwiched between three tiers of major support and resistance levels, in which the wedge breaking down could cause a retest of the median for the last time before the next level higher is taken.<\/p>\n
Also in the zoomed out version, there is an Adam and Eve double bottom<\/a> (red-dotted trendlines), and a potential inverse head and shoulders that would form the right shoulder. The right shoulder would also resemble the handle portion of a giant cup and handle continuation pattern<\/a>.<\/p>\n
\"altcoin<\/p>\n
Could the next alt season take the sub-category to a $6 trillion cap? | Source: CRYPTOCAP-TOTAL2 on TradingView.com<\/a><\/pre>\n
Markets often reverse symmetrically, as the massive rounded bottom in Bitcoin circa 2013 through 2015 has shown. The entire rounding bottom and saucer-like pattern would create a perfect half-circle, but only if the correction completes and support lower is retested.<\/p>\n
Analysts who expected altcoins to perform exactly like the last time around<\/a>, forget that the same, ultra-strong, bearish resistance wasn’t above most of these assets at the time, and thus entered price discovery mode a lot sooner.<\/p>\n
Currently, most altcoins are still well below 50% or more from their previous all-time highs, and according to the bearish wedge, they are likely to drop another 50% from here.<\/p>\n
\"\"<\/p>\n
Altcoins could be ending the third wave and beginning the fourth, corrective subwave | Source: CRYPTOCAP-TOTAL2 on TradingView.com<\/a><\/pre>\n
But in the final chart as part of this longer-term alt season analysis, Elliott Wave Theory in combination with a comparison of the last market cycle could indicate that the current rally ending would conclude wave three, and the correction would complete wave four, causing the altcoin market to enter the final fifth wave \u2013 the largest and longest bullish impulse towards a new all-time high. The move would also be more reminiscent of the “alt season<\/a>” that analysts are salivating over.<\/p>\n
At the end of it, going by a measured move of the height of the rounded pattern, a $6 trillion market cap is possible for all altcoins within the next year or two.<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
The top crypto asset has successfully set a new all-time high in 2020, but the promised altcoin season that was supposed to follow is nowhere to be found. And with Bitcoin’s momentum turning and a correction overdue, the lack of strength in altcoins could see the total crypto market cap sans BTC sliced in half, from $200 billion to $100 billion. Here’s why a short-term bearish pattern could lead to a breakdown from current levels, and a retest of support below, but also why the true alt season is almost near and could ultimately lead to a $6 trillion market cap. 2020 Is The Year Of Bitcoin Comeback, But The Rest Of Crypto Lags Behind 2020 has been the year of Bitcoin maturing as a mainstream financial asset. Hedge funds are now reallocating gold into the cryptocurrency and companies are swapping cash for BTC to protect corporate treasuries from the coming hyperinflation. And while Bitcoin is extremely bullish and some of that has extended into the wider crypto market recently, propelling the likes of Ethereum, Ripple, and Litecoin higher, they have failed to outperform the most dominant cryptocurrency as they had in the past once it set a new peak. During the last bull run, as soon as Bitcoin set a new record, money flowed into altcoins so fast, they exploded in value. The rally caused BTC dominance to fall off a cliff, and the crypto bubble began to fill with hot air. Market participants who went through this in the past, have expected lightning to strike twice for altcoins, but it would take a new all-time high in Bitcoin first. That moment is now in the past, but alts are not only failing to soar, but they’re also at risk of seeing a nearly 50% collapse, according to technical analysis. However, the same technicals suggest this is one of the final remaining corrections in the altcoin market before the true alt season is upon us. Altcoins could retrace by as much as 50% to confirm support if wedge breaks down | Source: CRYPTOCAP-TOTAL2 on TradingView.com The total altcoin market cap made up primarily of the top ten crypto assets including Ethereum, Ripple, Litecoin, Chainlink, and more is exhibiting a bearish structure. The ascending wedge pattern typically breaks to the downside, resulting in a fall lower. Rejection from resistance stemming back to when the altcoin bear market started, could send the alt market stumbling back down to retest resistance flipped support. Larger, high timeframe bullish patterns dominate the short-term bearish signal | Source: CRYPTOCAP-TOTAL2 on TradingView.com The Next Altcoin Season Could Lead To A $6 Trillion Market Cap Although the specific pattern is bearish, it is only one pattern in a slew of high timeframe price action with several bullish patterns. All of the recent price action is sandwiched between three tiers of major support and resistance levels, in which the wedge breaking down could cause a retest of the median for the last time before the next level higher is taken. Also in the zoomed out version, there is an Adam and Eve double bottom (red-dotted trendlines), and a potential inverse head and shoulders that would form the right shoulder. The right shoulder would also resemble the handle portion of a giant cup and handle continuation pattern. Could the next alt season take the sub-category to a $6 trillion cap? | Source: CRYPTOCAP-TOTAL2 on TradingView.com Markets often reverse symmetrically, as the massive rounded bottom in Bitcoin circa 2013 through 2015 has shown. The entire rounding bottom and saucer-like pattern would create a perfect half-circle, but only if the correction completes and support lower is retested. Analysts who expected altcoins to perform exactly like the last time around, forget that the same, ultra-strong, bearish resistance wasn’t above most of these assets at the time, and thus entered price discovery mode a lot sooner. Currently, most altcoins are still well below 50% or more from their previous all-time highs, and according to the bearish wedge, they are likely to drop another 50% from here. Altcoins could be ending the third wave and beginning the fourth, corrective subwave | Source: CRYPTOCAP-TOTAL2 on TradingView.com But in the final chart as part of this longer-term alt season analysis, Elliott Wave Theory in combination with a comparison of the last market cycle could indicate that the current rally ending would conclude wave three, and the correction would complete wave four, causing the altcoin market to enter the final fifth wave \u2013 the largest and longest bullish impulse towards a new all-time high. The move would also be more reminiscent of the “alt season” that analysts are salivating over. At the end of it, going by a measured move of the height of the rounded pattern, a $6 trillion market cap is possible for all altcoins within the next year or two. Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":451918,"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":[134,6664,8322],"class_list":["post-451898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-crypto","tag-market-cap"],"acf":[],"yoast_head":"\nThis Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%<\/title>\n<meta name=\"description\" content=\"The top crypto asset has successfully set a new all-time high in 2020, but the promised altcoin season that was supposed to follow is nowhere to be found.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%\" \/>\n<meta property=\"og:description\" content=\"The top crypto asset has successfully set a new all-time high in 2020, but the promised altcoin season that was supposed to follow is nowhere to be found.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-10T01:00:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T14:09:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"2048\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony "El Toro" Severino\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/tonythebullBTC\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tony "El Toro" Severino\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/\"},\"author\":{\"name\":\"Tony \\\"El Toro\\\" Severino\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/5322c9a09a6f19804bb578de17556a1d\"},\"headline\":\"This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%\",\"datePublished\":\"2020-12-10T01:00:42+00:00\",\"dateModified\":\"2024-06-11T14:09:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/\"},\"wordCount\":737,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048\",\"keywords\":[\"altcoin\",\"crypto\",\"Market Cap\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/\",\"url\":\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/\",\"name\":\"This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048\",\"datePublished\":\"2020-12-10T01:00:42+00:00\",\"dateModified\":\"2024-06-11T14:09:10+00:00\",\"description\":\"The top crypto asset has successfully set a new all-time high in 2020, but the promised altcoin season that was supposed to follow is nowhere to be found.\",\"breadcrumb\":{\"@id\":\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#primaryimage\",\"url\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048\",\"contentUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048\",\"width\":2560,\"height\":2048,\"caption\":\"Businessman riding black bear on red arrow downward trend line with business doodles concrete wall background. Fight back bearish market concept.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/wncen.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wncen.com\/#website\",\"url\":\"https:\/\/wncen.com\/\",\"name\":\"NewsBTC\",\"description\":\"Bitcoin & Cryptocurrency News Today\",\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/wncen.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/wncen.com\/#organization\",\"name\":\"NewsBTC\",\"url\":\"https:\/\/wncen.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"contentUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"width\":157,\"height\":46,\"caption\":\"NewsBTC\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/newsbtc\",\"https:\/\/x.com\/newsbtc\",\"https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/5322c9a09a6f19804bb578de17556a1d\",\"name\":\"Tony \\\"El Toro\\\" Severino\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/129b75c18bdea8b048f1d7d526df61d7?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/129b75c18bdea8b048f1d7d526df61d7?s=96&d=mm&r=g\",\"caption\":\"Tony \\\"El Toro\\\" Severino\"},\"description\":\"Tony \\\"The Bull\\\" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. 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":"This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%","description":"The top crypto asset has successfully set a new all-time high in 2020, but the promised altcoin season that was supposed to follow is nowhere to be found.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/","og_locale":"en_US","og_type":"article","og_title":"This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%","og_description":"The top crypto asset has successfully set a new all-time high in 2020, but the promised altcoin season that was supposed to follow is nowhere to be found.","og_url":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/","og_site_name":"NewsBTC","article_publisher":"https:\/\/www.facebook.com\/newsbtc","article_published_time":"2020-12-10T01:00:42+00:00","article_modified_time":"2024-06-11T14:09:10+00:00","og_image":[{"width":2560,"height":2048,"url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048","type":"image\/jpeg"}],"author":"Tony \"El Toro\" Severino","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/tonythebullBTC","twitter_site":"@newsbtc","twitter_misc":{"Written by":"Tony \"El Toro\" Severino","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#article","isPartOf":{"@id":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/"},"author":{"name":"Tony \"El Toro\" Severino","@id":"https:\/\/wncen.com\/#\/schema\/person\/5322c9a09a6f19804bb578de17556a1d"},"headline":"This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%","datePublished":"2020-12-10T01:00:42+00:00","dateModified":"2024-06-11T14:09:10+00:00","mainEntityOfPage":{"@id":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/"},"wordCount":737,"publisher":{"@id":"https:\/\/wncen.com\/#organization"},"image":{"@id":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048","keywords":["altcoin","crypto","Market Cap"],"articleSection":["Cryptocurrency Market News"],"inLanguage":"en-US","copyrightYear":"2020","copyrightHolder":{"@id":"https:\/\/wncen.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/","url":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/","name":"This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%","isPartOf":{"@id":"https:\/\/wncen.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#primaryimage"},"image":{"@id":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048","datePublished":"2020-12-10T01:00:42+00:00","dateModified":"2024-06-11T14:09:10+00:00","description":"The top crypto asset has successfully set a new all-time high in 2020, but the promised altcoin season that was supposed to follow is nowhere to be found.","breadcrumb":{"@id":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#primaryimage","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048","width":2560,"height":2048,"caption":"Businessman riding black bear on red arrow downward trend line with business doodles concrete wall background. Fight back bearish market concept."},{"@type":"BreadcrumbList","@id":"https:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wncen.com\/"},{"@type":"ListItem","position":2,"name":"This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%"}]},{"@type":"WebSite","@id":"https:\/\/wncen.com\/#website","url":"https:\/\/wncen.com\/","name":"NewsBTC","description":"Bitcoin & Cryptocurrency News Today","publisher":{"@id":"https:\/\/wncen.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wncen.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/wncen.com\/#organization","name":"NewsBTC","url":"https:\/\/wncen.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/wncen.com\/#\/schema\/person\/5322c9a09a6f19804bb578de17556a1d","name":"Tony \"El Toro\" Severino","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/129b75c18bdea8b048f1d7d526df61d7?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/129b75c18bdea8b048f1d7d526df61d7?s=96&d=mm&r=g","caption":"Tony \"El Toro\" Severino"},"description":"Tony \"The Bull\" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. 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":"This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%","url":"http:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048"},"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":["altcoin","crypto","market cap"],"dateCreated":"2020-12-10T01:00:42Z","datePublished":"2020-12-10T01:00:42Z","dateModified":"2024-06-11T14:09:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/this-bearish-chart-pattern-could-cut-the-crypto-altcoin-market-cap-in-half\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048\"},\"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\":[\"altcoin\",\"crypto\",\"market cap\"],\"dateCreated\":\"2020-12-10T01:00:42Z\",\"datePublished\":\"2020-12-10T01:00:42Z\",\"dateModified\":\"2024-06-11T14:09:10Z\"}<\/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\/12\/crypto-altcoins-bearish-chart-pattern-Depositphotos_78184236_xl-2015-scaled.jpg?fit=2560%2C2048","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/451898"}],"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=451898"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/451898\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/451918"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=451898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=451898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=451898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}