For weeks, Bitcoin has been touted as being on the waiting for a massive bull run that could top the highs of December 2017, but that doesn’t seem to sit quite well with people like MagicPoopCannon. MagicPoopCannon is a popular Twitter user and cryptoanalyst that has been dishing out crypto predictions for quite some time.
BTC To Trade Within The $3k-$4k Range
According to this analyst, Bitcoin doesn’t seem to be headed anywhere at the moment. In a detailed publication posted on TradingView, MagicPoopCannon argues that Bitcoin could very well drop down to trade at between $3,000 and $4,000 before it gains enough momentum to break through the $6,000 barrier and cause a major bull run. He claims that Bitcoin might not even reach $6,000 until early 2020.
Technical Indicators: History Has It
The Analyst goes on to reference some of Bitcoin’s price technical indicators in support of his unpopular opinion. According to him, Bitcoin has had 2 major bear markets, and for each of them, the price chart dropped to reach the bottom of the blue arch. When that happens, a bull run is triggered and the market recovers.
Explaining his indicative Bitcoin price chart, MagicPoopCannon argues that the blue arch currently sits at the $4,100 price mark, meaning that Bitcoin needs to hover over and around that range before it can muster enough support for a serious price surge – and that might not happen before 2020.
The user’s opinion has obviously been received with a pinch of salt by many, especially owing to the fact that the majority of the crypto community is currently bullish on Bitcoin. There have been reports of some expecting Bitcoin to hit $10k by the close of 2019.
Also, some have come out to point out Bitcoin’s network halving that’s expected to happen in May 2020. The argument is that the crypto has always gone fully bullish about a year before the halving, meaning that Bitcoin is very likely to be on a bullish footing in this month. Also, the fact that the market just woke up from a long crypto winter back in April accords more credence to the bullish sentiment.