Multiple Reputable Crypto Traders Sensing Bitcoin is Transitioning from Bearish to Bullish Finally
A recognized analyst in the cryptocurrency industry believes that Bitcoin is transitioning from a bearish phase to a bullish one. During the last year, Bitcoin has been operating in a bear trend and the digital asset lost more than 80% since its all-time high. Now, things can start moving upwards once again.
Is Bitcoin Starting to Grow Once Again?
According to the recognized trader Magic Poop Cannon, Bitcoin is transitioning to a bull phase from a bearish trend. The trader wrote an analysis in the Trading View platform and shared it on Twitter a few days ago.
— MAGIC (@MagicPoopCannon) March 26, 2019
About it, he said that that it is important to pay close attention to the 150 day moving average. According to him, it was particularly useful for support in the beginning stages of the bull market that Bitcoin experienced back in 2017. At the same time, it has become very important to understand overhead resistance in the last few months.
He has also mentioned that Bitcoin is expected to be traded between $3,200 and $4,200 in the next months. He mentions that as we come from a bear market, there is still a risk for Bitcoin price to fall in the near future. However, if that happens, the virtual currency will be traded close to $3,200 but no less.
About it, he mentioned:
“As I’ve said on many occasions, I believe that the market will just continue a long grind sideways from here. I don’t see a major breakout toward 6000 in the cards right now. Based on my analyses, I think it is far more likely to be a slow grind on a slightly uphill slope, as opposed to an explosive breakout to the upside.”
The trader has also mentioned that Bitcoin is and will always be “the greatest cryptocurrency in existence.” He said that coins such as Monero (XMR), Litecoin (LTC) or Ethereum (ETH) pale in comparison to the “real genesis of crypto.”
At the time of writing this article, Bitcoin is being traded close to $4077 and it has a market capitalization of $71.82 billion.