2019-3-28 03:30 |
The future of Bitcoin [BTC] is a highly speculative debate among crypto analysts and enthusiasts around the globe.
According to a recent analysis by Magic Poop Cannon, a BTC analyst, Bitcoin is entering a long bear to bull transition phase.
Source: TradingView
The trader mentioned the 150-day moving average [150 MA] and emphasized its importance in the current market. He claimed that the 150 MA had been crucial with regards to the price movement over the last two years. It acted as support in the initial stages of the bull run and now, the 150 MA was acting as an overhead resistance in presumably, the final stages of the bear market. He also mentioned that in the uptrend rally of 2017, BTC prices bounced off the 150 MA four times before reaching a high of $20,000.
However, Magic Poop Cannon believed that the possibility of a major long term flash hike was still negligible as he stated that Bitcoin [BTC] might continue sideways movement in the chart and remain between the range of $3,200 and the low $4000s, for the majority of the year.
He further added,
“Based on my analyses, I think it is far more likely that Bitcoin will breakout for 6000 closer toward the end of the year. I still believe that the market has probably bottomed, but we may see a retest of the 3150 level sometime in October, before the next bull market begins.”
However, according to a Bloomberg report, George McDonaugh, employee of a London-based blockchain investment group argued that Bitcoin had not bottomed yet, and the impending collapse would be more significant. He did not suggest a new bottom for the token, but claimed that a 20% collapse from its current valuation was a possibility.
The post Bitcoin [BTC] will soon transition from bear to bull phase in the market, says notable analyst appeared first on AMBCrypto.
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