NEWSLETTER
The technical expert Tony Severino has revealed why he is no longer optimistic with btc and other cryptography assets in the middle of the recent <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/bitcoin-could-hit-112000-but-only-if-it-holds-above-this-key-level-analyst-explains/” target=”_blank” rel=”noopener nofollow”>bitcoin price Defaction. The analyst had also previously raised the possibility that the bad cryptography fell to only $ 22,000.
The expert reveals why he is no longer optimistic in the midst of bitcoin's price reduction
In a <a target="_blank" href="https://x.com/tonythebullBTC/status/1904950499951997350″ target=”_blank” rel=”noopener nofollow”>x publicationSeverino alluded to market cycles and Elliott's wave theory to explain why it is no longer optimistic in btc and other cryptographic assets. In his accompanying table, he highlighted the fact that the price of bitcoin registered 100% in Wave 1 and Wave 5 in This Toro racewhich dates back to around November 2022.
The expert explained that this suggests that the upper part is in, since Wave 1 and Wave 5 generally register similar prices profits. However, the analyst said that there is still the possibility that the price of bitcoin rises, since it could record a gain similar to that recorded in wave 3 after Bitcoins ETF Launched last year.
Based on Elliot's wave theory, at least two of the waves must have similar price profits, which makes it a possibility that Wave 5 can replicate the performance of Wave 3. However, Severino seems to be betting against that happens, since the euphoria also highlighted Donald Trump's inauguration As another reason why the upper part is likely to be inside and why it is no longer optimistic in the price of bitcoin. He pointed out that the euphoria phase always arrives just before the top of the cycle.
The technical expert admitted that the euphoria around Trump's inauguration was not as much as he expected. However, he proceeded to highlight a pattern with <a target="_blank" href="https://www.newsbtc.com/news/bitcoin/the-cyclicality-of-bitcoin/” target=”_blank” rel=”noopener nofollow”>The cyclic crestswhich is another reason that is no longer optimistic in btc and other cryptographic assets. Severino pointed out that wave 1 and wave 3 exceeded right on the cyclical crest. As such, he commented that it makes sense that Wave 5 also covers the cyclical crest.
Other indicators that suggest that btc has overcome
Tony Severino also referred to other patterns and graphic indicators, suggesting that the bitcoin price He has overcome and explained why he is no longer upward in btc. He highlighted a curved tendency line in another graphic, which showed that flagship cryptography has reached the point of maximum financial opportunity in this market cycle.
The technical expert continued to highlight indicators such as parabolic SAR (stop and reverse), suggesting that the parabolic phase of the price of bitcoin in this cycle has stopped and that an investment can be imminent. Another indicator referred to is the average directional index (ADX), which Severino commented shows that btc's upward trend The force is weakening.
He affirmed that the ascending impulse for the price of bitcoin is weakening, and it does not seem that it will rise soon. The expert highlighted the logarithmic MACD as another indicator that demonstrates that impulse for flagship cryptography in this market cycle is decreasing.
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