Crypto Analyst: Crypto Winter is Far from over, Bitcoin Should peak in 2023
The self-proclaimed “master of charts” and “seer of the future,” MagicPoopCannon is back yet again with his bullish views on Bitcoin price but not soon enough, looks like bitcoin has to endure crypto winter a bit longer that is about 3 to 4 years more.
Short Term: Bitcoin Holding its 50 EMA
“In fact, it is now even MORE bullish than it was before, because we've turned to the 50 EMA and half it as support, thus far. Don't forget that the 50 EMA has been massively resistive for the entire bear market. Now, we have broken above it, and BTC is currently holding it as support. If it continues to hold, that is a major turning point in the market that should not be ignored. As long as the 50 EMA holds, the target is at the top of the downtrend channel (in blue) somewhere in the mid to low 4000s.”
Taking a look at the recent price action around the 50 EMA, the price broke below this level a few days ago but only temporarily. However, Bitcoin rallied back above it and produced a dragonfly doji.
Moreover, the candle bounced off on top of the triangle in black which means apart from 50 EMA holding support, the triangle held it as well. And according to him as long as this continues, “the top of the downtrend channel will be the target.”
On MACD, we got a bearish crossover, but he says that is to be expected as the market is consolidating at this point. However, if we do break below the 50 and go further lower on MACD that is on high volume, things could change slightly but apparently, that is not the ongoing case.
“The data currently shows us holding critical support, and unless it is broken, the top of the downtrend channel remains the target for the short term.”
Long Term: Crypto Winter is Far from Over
MagicPoopCannon is bullish through and through. Though his bullish sentiments confirm that crypto winter is here to stay for a long time that is for about three to four years, it also means the rewards are going to be bigger as well.
According to him, the time between the cycles is a perfectly linear rise and the next target he says would be around $150,000.
Civic CEO, Vinny Lingham agrees with this as he comments,
“Yup, crypto winter is far from over…”
It is yet to be seen if crypto winter would, in fact, last that long as 2021 will see Bitcoin halving that has been historically a bullish event for bitcoin price.