{"id":381996,"date":"2019-05-14T00:01:38","date_gmt":"2019-05-14T00:01:38","guid":{"rendered":"https:\/\/uniquehot.com\/?p=381996"},"modified":"2024-06-11T13:39:49","modified_gmt":"2024-06-11T13:39:49","slug":"bitcoin-bulls-are-back-40-days-of-uptrend-erases-nearly-8-months-of-bear-market","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bulls-are-back-40-days-of-uptrend-erases-nearly-8-months-of-bear-market\/","title":{"rendered":"Bitcoin Bulls Are Back: 40 Days of Uptrend Erases Nearly 8 Months of Bear Market"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">As the bullish Bitcoin rally continues and shows no signs of slowing, the entire crypto market has erupted with charts, thoughts, and speculation.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The powerfully bullish price momentum has caused much FOMO across the space and has helped carry the price of the leading cryptocurrency by market cap upwards towards $8,000, after breaking through $6,000 \u2013 resistance that was expected to be incredibly difficult to break \u2013 and $7,500 like a hot knife through butter. The <a href=\"https:\/\/uniquehot.com\/2019\/05\/11\/bitcoin-price-parabola-broken\/\">parabolic uptrend<\/a> that reenergized the crypto market has now in just 40 days of bullish price action, erased all of the damage done in nearly 8 months of bear market.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">\u201cMental\u201d Large Scale Bitcoin Price Recovery Undoes 8 Months of Bear<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">According to prominent cryptocurrency analysts <a href=\"https:\/\/twitter.com\/galaxyBTC\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">GalaxyBTC<\/a>, the last 40 days of bull market \u2013 if we are indeed in the midst of a bull market \u2013 has been enough to completely erase full 235 days of <a href=\"https:\/\/uniquehot.com\/2019\/05\/03\/is-the-bottom-in-bitcoin-price-btc-has-nearly-doubled-since-bear-market-low\/\">bear market<\/a>, or nearly eight full months of bearish sell pressure deleted in just over a month of buying.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The large-scale price recovery is mental. <\/p>\n<p>235 days of bear market already erased in the last 40 days of bull. <\/p>\n<p>And this time without massive media coverage, ico craze or heavy dumb money flowing in. <\/p>\n<p>Just pure fundamentals. <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/shv4fRPHIS\" rel=\"nofollow\">pic.twitter.com\/shv4fRPHIS<\/a><\/p>\n<p>&mdash; Galaxy (@galaxyBTC) <a href=\"https:\/\/twitter.com\/galaxyBTC\/status\/72308480?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 12, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The early April rally that sent the price of Bitcoin climbing $1,000 within an hour took a short pit stop between $5,000 and $5,800 before breaking through $6,000 and swiftly climbing higher to just under $8,000 \u2013 the next resistance level Bitcoin is currently flirting with.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/05\/08\/bullish-crypto-community-in-shock-over-recent-bitcoin-price-resilience\/\">Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The rally from $4,200 to current levels, undid nearly eight months worth of bear market, dating back as far as August 2018.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The analyst points out, what makes this rally more interesting is the lack of media frenzy, ICO craze, or \u201cdumb money\u201d flowing into the crypto market, driving up prices, as was seen at the end fo the 2017 hype bubble that led Bitcoin to its all-time high of $20,000 per BTC. Much of the buying is said to be the result of institutional interest increasing, and systematic buying from \u201csmart money\u201d and other major players who have been accumulating Bitcoin since yearly lows were set.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Since the yearly low was set back in December 2018, the price of Bitcoin has more than doubled in value, suggesting that the <a href=\"https:\/\/uniquehot.com\/2019\/04\/16\/crypto-analyst-bitcoin-price-chart-shows-textbook-bump-and-run-reversal-bottom\/\">bottom has indeed been set<\/a>, and that Bitcoin <a href=\"https:\/\/uniquehot.com\/2019\/05\/07\/crypto-analyst-bitcoin-price-btc\/\">has exited accumulation into the next bull run<\/a> and market cycle.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/05\/10\/crypto-analyst-bitcoin-macd-histogram-more-extended-than-during-previous-bull-cycle\/\">Crypto Analyst: Bitcoin MACD Histogram More Extended Than During Previous Bull Cycle<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Most didn\u2019t expect Bitcoin to reach current heights so soon after printing yearly lows and after the longest bear market on record. What started as a disbelief rally has gone <a href=\"https:\/\/uniquehot.com\/2019\/05\/11\/bitcoin-price-parabola-broken\/\">full paraboli<\/a>c, and already has many revisiting past price targets well above Bitcoin\u2019s last all-time high of $20,000, with many suggesting a new all-time high could be set before the end of the year given the FOMO felt across the global crypto market.<\/span><\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>As the bullish Bitcoin rally continues and shows no signs of slowing, the entire crypto market has erupted with charts, thoughts, and speculation. The powerfully bullish price momentum has caused much FOMO across the space and has helped carry the price of the leading cryptocurrency by market cap upwards towards $8,000, after breaking through $6,000 \u2013 resistance that was expected to be incredibly difficult to break \u2013 and $7,500 like a hot knife through butter. The parabolic uptrend that reenergized the crypto market has now in just 40 days of bullish price action, erased all of the damage done in nearly 8 months of bear market. \u201cMental\u201d Large Scale Bitcoin Price Recovery Undoes 8 Months of Bear According to prominent cryptocurrency analysts GalaxyBTC, the last 40 days of bull market \u2013 if we are indeed in the midst of a bull market \u2013 has been enough to completely erase full 235 days of bear market, or nearly eight full months of bearish sell pressure deleted in just over a month of buying. The large-scale price recovery is mental. 235 days of bear market already erased in the last 40 days of bull. And this time without massive media coverage, ico craze or heavy dumb money flowing in. Just pure fundamentals. #bitcoin pic.twitter.com\/shv4fRPHIS &mdash; Galaxy (@galaxyBTC) May 12, 2019 The early April rally that sent the price of Bitcoin climbing $1,000 within an hour took a short pit stop between $5,000 and $5,800 before breaking through $6,000 and swiftly climbing higher to just under $8,000 \u2013 the next resistance level Bitcoin is currently flirting with. Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience The rally from $4,200 to current levels, undid nearly eight months worth of bear market, dating back as far as August 2018. The analyst points out, what makes this rally more interesting is the lack of media frenzy, ICO craze, or \u201cdumb money\u201d flowing into the crypto market, driving up prices, as was seen at the end fo the 2017 hype bubble that led Bitcoin to its all-time high of $20,000 per BTC. Much of the buying is said to be the result of institutional interest increasing, and systematic buying from \u201csmart money\u201d and other major players who have been accumulating Bitcoin since yearly lows were set. Since the yearly low was set back in December 2018, the price of Bitcoin has more than doubled in value, suggesting that the bottom has indeed been set, and that Bitcoin has exited accumulation into the next bull run and market cycle. Related Reading | Crypto Analyst: Bitcoin MACD Histogram More Extended Than During Previous Bull Cycle Most didn\u2019t expect Bitcoin to reach current heights so soon after printing yearly lows and after the longest bear market on record. What started as a disbelief rally has gone full parabolic, and already has many revisiting past price targets well above Bitcoin\u2019s last all-time high of $20,000, with many suggesting a new all-time high could be set before the end of the year given the FOMO felt across the global crypto market. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":381997,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[5687,428,6664,29930,4257],"class_list":["post-381996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bear-market","tag-bitcoin","tag-crypto","tag-galaxybtc","tag-twitter"],"acf":[],"yoast_head":"\n<title>Bitcoin Bulls Are Back: 40 Days of Uptrend Erases Nearly 8 Months of Bear Market<\/title>\n<meta name=\"description\" content=\"As the bullish Bitcoin rally continues and shows no signs of slowing, the entire crypto market has erupted with charts, thoughts, and speculation. 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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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