MagicPoopCannon’s Bitcoin Price Prediction: What The “Most Interesting” BTC Chart Analysis Tells Us
Bitcoin Price Prediction, Technical Analyst Shares The Most “Interesting” Thing About BTC Price Chart
What exactly is the future of Bitcoin? Popular crypto analyst, @MagicPoopCannon shares the “IMMENSELY” interesting thing about Bitcoin chart right now that he hasn't seen in his eleven years as a technical analyst.
What Does The BTC Price Chart Tell Us
For the past week, Bitcoin has been trading near $3,850 level but it has yet again taken a drop of 2.29 percent in the past 24-hours dropping down to $3,687 at one point on Bitstamp. The leading cryptocurrency has been trading at $3,775 at the time of writing, according to the data provided by Coinmarketcap while managing the daily trading volume of $7.7 billion which has taken a slight increase from yesterday’s $7.2 billion.
In tandem with Bitcoin, the majority of the crypto market has turned red with top cryptocurrencies down by 2 to 6 percent.
In the short term, it is hard to say, where exactly price is going as it is currently indecisive, however, according to MagicPoopCannon the price is bullish as the bottom has been already in. Now, he further shares his views on the future of Bitcoin.
He explains that Bitcoin is in a “very clear cyclical uptrend,” and this uptrend respects specific curvature that is the blue curved trend lines on the log chart.
Talking about the Bitcoin cycle that occurs every four years, he further goes on to explain that it is “clearly untrue.” The different cycles have been colored different shades which notes this point.
According to the chart, the first cycle that is in a blue color lasted for about 47 weeks. The second cycle has been more than double of the previous one as the purple colored area showcases 129 weeks. Now, the third cycle shaded in gold has been even longer that lasted 211 weeks. Currently, we are in the fourth cycle colored in green. This means the cycles are not exactly four years.
Current Cycle To Last 295 Weeks
But what's “IMMENSELY more interesting” according to Magic is that the cycles are on a perfectly linear rise.
“The cycles are on a perfectly linear rise! This is one of the most incredible things I have ever seen, in my eleven years as a technical analyst. What I mean by that, is that the time between cycles, when plotted on a graph, is rising in a trajectory that is perfectly linear.”
This means good things for Bitcoin price in the future, as the current cycle will be more than 6 times the first cycle at 295 weeks that would give us our next peak.
“That means we can calculate, with a high level of certainty, when the next bull market peak will occur. Based on this linear rise in cycle duration, I have projected the future bull market should peak after 295 weeks, in August of 2023.”
So, what does it mean for the Bitcoin price? According to the chart, if Bitcoin continues to follow the trajectory of the rising curvature, which is shown in pink we can expect Bitcoin to be worth around $150,000 in the August of 2023, said Magic.
But that’s still about four years away. In 2019, the technical analyst sees Bitcoin trading between the $3k and $5k range majority of the year that could “potentially” last till 2020.
“Although I do believe that the bear market has ended, I don't expect the next bull market to begin until sometime next year.”