Bitcoin’s Times is Up! Permabull Says BTC Will See a Lower Price Point Low This Year
“Bitcoin price action feeling very similar before the drop from 6k no?,” says, crypto trader, Moon Overlord.
Could it mean we are going for another drop? According to some analysts, it is a real possibility as they see Bitcoin going below $3k while other believes market doesn’t need more pain.
— moon (@MoonOverlord) March 14, 2019
Meanwhile, Crypto trader and analyst, Magic Poop Canon yet again drew the popular comparison between the 2014-2015 bear market and the ongoing one. Both the periods share an “incredibly” similar price action which is the reason Bitcoin has bottomed and the reason, “why I am frantically buying like the bottom is in,” says the analyst.
However, if the bottom is in it is yet to be seen and the permabull does see a potential for another fall that could happen later this year due to oversold spikes on the weekly RSI. So, how low we could do?
“I suspect it will only be slightly lower than the 3150 low of December, perhaps only to 3,000.”
Magic has warned of $3k when the price was above the $10,000 and now is more bullish than ever on any other market in his eleven years as an analyst. “In my view,” adds the permabull, “this next bull market is likely to rally to around $150,000, by approximately August of 2023.”
Similar to the 2015 price movement, the price fell to the bottom of the downtrend channel, forming a bottom on it. Just like in 2015, the price held the weekly 200 MA that is in the green only to rally into a triangle which is in black.
After seeing the two pumps to the top of the downtrend channel, Bitcoin has failed to break out above the downtrend channel’s top. So, in the short term, it is expected, we could head down to the 61.8 percent retrace, exactly like in 2015. This will put BTC around $3,500 and from here it will “enter a boring, sideways consolidation period.”
Though Magic is bullish, he is not expecting it to happen this year. Bitcoin price will explode but not this quickly, said the analyst. According to many analysts, upcoming Bitcoin reward halving in 2020 will act as the catalyst for another rally but Magic doesn't agree as he says,
“It is a fact that the market cycles are getting longer, and the rise is perfectly in time duration between cycles is perfectly linear. That linear rise in duration, means that the next bull market peak is about 4.5 years away.”
This linear cycle that would see Bitcoin reach about $150,00o according to Magic’s analysis is also the reason for Bitcoin to see a “slightly lower low” later this year.