Skip to main content

Bitcoin Price Drawdown: Technical Expert Gives Reasons On Why He Is No Longer Bullish On BTC And Crypto

Technical expert Tony Severino has revealed why he is no longer bullish on BTC and other crypto assets amid the recent Bitcoin price drawdown. The analyst had also earlier raised the possibility of the flagship crypto dropping to as low as $22,000. 

Expert Reveals Why He Is No Longer Bullish Amid Bitcoin Price Drawdown

In an X post, Severino alluded to market cycles and the Elliott Wave Theory to explain why he is no longer bullish on BTC and other crypto assets. In his accompanying chart, he highlighted the fact that the Bitcoin price recorded a 100% on both Wave 1 and Wave 5 in this bull run, which dates back to around November 2022. 

The expert explained that this suggests the top is in, as Wave 1 and Wave 5 typically record similar price gains. However, the analyst noted that there is still the possibility of the Bitcoin price going higher since it could record a similar gain to the one recorded in Wave 3 after the Bitcoin ETFs launched last year. 

Bitcoin

Based on Elliot Wave Theory, at least two of the Waves must have similar price gains, which makes it a possibility that Wave 5 could replicate Wave 3’s performance. However, Severino looks to be betting against that happening as he also highlighted the euphoria around Donald Trump’s inauguration as another reason why the top is likely in and why he is no longer bullish on the Bitcoin price. He noted that the euphoria phase always comes just before the cycle top. 

The technical expert admitted that the euphoria around Trump’s inauguration wasn’t as much as he expected. However, he proceeded to highlight a pattern with the cyclical crests, which is another reason he is no longer bullish on BTC and other crypto assets. Severino noted that Wave 1 and Wave 3 topped right at the cyclical crest. As such, he remarked that it makes sense that Wave 5 will also top at the cyclical crest. 

Other Indicators Which Suggest BTC Has Topped 

Tony Severino also alluded to other chart patterns and indicators, suggesting that the Bitcoin price has topped and explaining why he is no longer bullish on BTC. He highlighted a curve trendline on another chart, which showed that the flagship crypto has reached the point of maximum financial opportunity in this market cycle. 

The technical expert went on to highlight indicators like the Parabolic SAR (Stop and Reverse), which suggests that the Bitcoin price’s parabolic phase in this cycle has stopped and that a reversal may be imminent. Another indicator he alluded to is the Average Directional Index (ADX), which Severino remarked shows that BTC’s uptrend strength is weakening. 

He affirmed that the upward momentum for the Bitcoin price is weakening, and it doesn’t look like it will get back up anytime soon. The expert highlighted the Logarithmic MACD as another indicator that proves that momentum for the flagship crypto in this market cycle is declining.

Bitcoin

from Bitcoinist.com https://ift.tt/n6UQKl7
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin ETFs Post Second Straight Week Of $500 Million Outflow — Details

The US-based spot Bitcoin ETFs (exchange-traded funds) recorded their second consecutive week of significant outflows over the last five-day trading period. This recent run of disappointing performances reflects the ongoing shift in investor sentiment in the United States. Over the past year, strong inflows into the US Bitcoin ETF market have constantly been associated with positive action for the BTC price. Fittingly, the price of Bitcoin has been consolidating over the past few weeks, struggling to pick up any real momentum. Bitcoin ETFs Record Fourth Consecutive Outflow Day According to the latest market data , the US Bitcoin ETFs registered a total daily outflow of $62.77 million on Friday, February 21. This latest round of withdrawals marked the fourth straight day (and the eighth day in the last nine trading days) that the crypto-based products would witness a net capital outflow. The Grayscale Bitcoin Trust (with the ticker GBTC) accounted for a larger percentage of Friday’...
Post a Comment
Read more

Bitcoin Goes Official: Texas Becomes 1st US State With BTC Reserve

Everything is big in Texas, many would say. Today, the state is looking past its current state of finances by adding Bitcoin to its coffers–and making things bigger in terms of its economic implications. Texas became the first US state to establish a crypto reserve . On March 7, 2025, legislators passed Senate Bill 21, which gives the green light to the state to direct public funds toward Bitcoin and other digital assets. The action has elicited both support and concern, with some viewing it as a prudent financial hedge and others warning of potential pitfalls. A Push For Bitcoin In The Lone Star State For months, Texas has been seeing increasing favor for the idea of a Bitcoin reserve. Senator Charles Schwertner introduced SB 778, a measure that proposes establishing a strategic stockpile. Including the top crypto asset into the state’s financial reserves was meant to help cushion inflation and economic uncertainty. Texas officials, especially Lieutenant Governor Dan Patrick, wh...
Post a Comment
Read more

Liczba milionerów kryptowalutowych wzrosła o 40%. Rynek przekracza 3,3 biliona dolarów

Rozwój rynku kryptowalut widać również bo liczbie osób, których portfel kryptowalutowy przekroczył milion dolarów. Według najnowszego raportu Henley & Partners, liczba inwestorów posiadających majątek przekraczający milion dolarów w cyfrowych aktywach wzrosła o 40% w ciągu ostatniego roku. Aktualnie na świecie jest już 241 700 milionerów, jeśli chodzi o waluty cyfrowe. Wzrost ten zbiegł się z historycznym momentem, gdyż w połowie 2025 roku kapitalizacja całego rynku kryptowalut przekroczyła 3,3 biliona dolarów . Bitcoin wciąż liderem wzrostów Największy udział w tworzeniu nowych fortun ma niezmiennie Bitcoin. Liczba posiadaczy portfeli BTC, których wartość przekracza milion dolarów, wzrosła aż o 70% rok do roku i wynosi dziś 145 100 . Jeszcze bardziej imponująco wygląda grupa tzw. Centymilionerów, czyli inwestorów posiadających ponad 100 milionów dolarów w Bitcoinie. Ich liczba wzrosła o 63% , osiągając poziom 254 osób. Co więcej, liczba miliarderów BTC podskoczyła do 17, notu...
Post a Comment
Read more