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…
