Bitcoin Price is Still Following the “2015 Bottoming Fractal”, ‘The BTC Bear is Dead’ Says Crypto Trader
$100k Per BTC Is Coming Within 3-4 years
Amidst the Bitcoin to find the bottom below $3,000 that could test $2,800 and even $1,800 narrative, one crypto trader is sticking to his guns and re-emphasizing that Bitcoin has already bottomed.
Recently, we shared how crypto trader, MagicPoopCannon is still feeling bullish on Bitcoin price and predicted that after trading sideways for the most part of 2019, BTC will see $6k by this year-end.
Now, the self-proclaimed “master of charts” is reassuring that Bitcoin is still following the “2015 Bottoming Fractal.” MagicPoopCannon shares a chart where a comparison has been drawn between the current market situation and the 2015 bottoming pattern.
MagicPoopCannon is a believer and is extremely bullish about the Bitcoin’s future as he replies,
“In my opinion, I think Bitcoin will surpass $100,000 within three to four years. Eventually, it could reach $1,000,000. I'm a believer.”
Now, The Bear Market Has Ended
After the fall of Bitcoin price to the 50 EMA, he compared the retracement to the 50 EMA of the 2015’s bottoming fractal that reveals some interesting insights, says MagicPoopCannon.
“In the coming days, we will see if price holds or loses the 50 EMA. Either way, I see it as a bullish outcome, and I stand by my call that the market has bottomed, based on this incredibly accurate fractal that I have discovered.”
According to the charts drawn, in 2015, towards the end of the triangle that is in black and after the descending head and shoulders pattern that is in red, Bitcoin price saw two pumps on the upside.
After the pump, it hit the top of the downward channel and then fell sharply to the 50 EMA, a movement mirrored by the Sunday’s price dump.
“Perhaps we won't see the rally to the top of the channel (in blue) that I have been expecting. Perhaps we will just get those two pumps, and price will start to fall below the 50 EMA, continuing to mirror exactly what happened at the bottom in 2015, aside from the rally to the top of the channel.”
The trader says even if the price breaks below the 50 EMA, it would still be following the 2015 bottoming fractal and even then there would still be bullish price movement. He says, by pulling back to the 50 EMA after seeing two pumps in the past two weeks, Bitcoin price has done just that, maintained the general movement patterns to the fractal.
However, if we follow the fractal, it shows we have more to go down, regarding this, he has this to say,
“yes, but it never drops below the low of 2015. That's why I've called it the “2015 Bottoming Fractal.”
He further adds, “This is an indication that the bear market has ended (for educational purposes).”