Top TradingView Analyst Claims Bitcoin is Entering a Bear-to-Bull Phase: Could BTC Start Growing?
Bitcoin (BTC), the most popular digital asset in the market, seems to be entering a bear to bull transition phase. This is what the recognized trader and analyst MagicPoopCannon shared on Twitter and TradingView on March 26. Is Bitcoin starting a new bull run?
Bitcoin has reached an all-time high in December 2017. At that time the market was extremely bullish. Bitcoin reached $20,000 but many other individuals were expecting the digital asset to keep growing. However, this did not happen and Bitcoin fell in a year more than 80%. Other digital assets lost more than 90% of their value as well.
— MAGIC (@MagicPoopCannon) March 26, 2019
MagicPoopCannon pays close attention to the 150-day moving average (150 MA), even when is not as a conventional measure such as the 200 MA. As he explains, the 150 MA was particularly useful for support at the beginning of the bull market in 2017. Moreover, it has also become a very important indicator of overhead resistance.
The expert believes that Bitcoin will be traded between $3,200 and the low $4,000 during the majority of this year.
About it, the trader commented:
“I think it is far more likely that Bitcoin will breakout for $6,000 closer toward the end of the year. Even when, I believe it is likely to be a slow grind on a slightly uphill slope, as opposed to an explosive breakout to the upside. I still believe that the market has probably bottomed, but we may see a retest of the $3,150 level sometime in October.”
At the end of his analysis, he said that Bitcoin is and it will always be the greatest cryptocurrency in the market. He has also mentioned that other digital currencies such as Monero (XMR), Litecoin (LTC), Ethereum (ETH) or XRP, which have been in the market for several years and are recognized assets, “Pale” in comparison to the real genesis of crypto.
There are several analysts that are predicting Bitcoin to start growing in the near future. For example, BitMEX CEO; Arthur Hayes, said that Bitcoin is expected to reach $10,000 in 2019.
At the time of writing this article, Bitcoin is being traded around $4053 and it has a market capitalization of $71.39 billion.