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Bitcoin Livermore

Blast from The Past: Bitcoin Formation Echoes Livermore’s Speculative Chart

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin price has been locked in a mostly sideways pattern, sloping ever so slightly upward. The price action appears to resemble the beginning of Jesse Livermore’s famous “Speculative Chart” also referred to as an Accumulation Cylindar.

If the old timey pattern is accurate, it could take BTCUSD toward $200,000 per coin before the end of this year.

Jesse Livermore: Market Manipulation, Mental Health Issues, And More

The story of Jesse Livermore was one as volatile as financial markets themselves. The father of day trading went bankrupt several times, became one of the richest men in the world, and ultimately committed suicide due to mental illness. At the time of his death, he owed more money than he had in assets.

Related Reading: Bitcoin Halving: Why Correlation Doesn’t Equal Causation

He was known as the “Boy Plunger” and the “Great Bear of Wall Street,” at one point receiving a personal call from President Woodrow Wilson forcing Livermore to stop manipulating the price of cotton. He’s the reason why regulations today exist, and was the basis for the anti-hero of the book of Reminiscences of a Stock Operator.

But things weren’t always so bad, and even when they were, he often still made money. Take the Wall Street Panic of 1929, for example. Livermore made millions off shorting the market right before the big crash. Some speculate he was the cause of it. So why does any of this matter today?

Livermore speculative chart Bitcoin

The Livermore Speculative Chart | BTCUSD on TradingView.com

Long Live The Accumulation Cylinder, Resurrected In Bitcoin

Livermore was the old school king of speculation. And although he notoriously manipulated them, he understood how markets work. One specific pattern he’s known best for having given it its name, is the Livermore Accumulation Cylinder, also known as the Livermore “Speculative Chart.”

Related Reading: Bitcoin Reaches Record Low Volatility: Why A History-Making Move Is Ahead

Placing the Speculative Chart schematic next to recent Bitcoin price action, and it looks oddly similar. If the pattern is valid, it should indicate like the pattern is named, that accumulation is taking place. Furthermore, if accurate, it could mean a huge uptrend is coming next.

Using the price schematic as a guide, it could suggest Bitcoin could reach $200,000 per coin and do it around year’s end. Of course, this is all just speculation just like Livermore’s schematic says. Only in hindsight will be know if it was a valid pattern or not. Considering past instances of the pattern appearing in Bitcoin, chances are low. But given Livermore’s legendary status, it’s worth watching.

Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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