Since the beginning of April, Bitcoin, which is considered as the trendsetter of the digital market, has been in somewhat of a roller coaster ride. Throughout the month, Bitcoin price rallied around the resistance level of $4,200 and surged close to $1000 in just one hour toward over $5000.
The price, although, is since fluctuating around $4,800 and $5,200 mark leaving every enthusiast in the market wondering about what the future holds for the most significant cryptocurrency of the world.
According to the most recent analysis of crypto trader and analyst who goes by the name ‘MagicPoopCannon’ on Twitter, crypto investors should look out for a large decline of Bitcoin in upcoming weeks. In his words:
“Bitcoin is Setting Up For A Potentially Nasty Pullback”
If we look at the analysis he has shared on TradingView, which is a social network for investors and traders on Stocks and Forex markets, the analyst went on proclaiming that the crypto giant’s most recent surge from 3400 to 5450 USD last week “painted half of an enormous evening star Doji pattern.”
For those who are new in the crypto market, Dojis are candlestick patterns that hint towards uncertainty in the market. Whenever they appear at the top of an uptrend, it usually indicates that a reversal is about to happen. The same is the case with the Doji that appear at the bottom of a downtrend. Whereas ‘Evening Doji’ pattern is a retroversion pattern, which comprises of a massive uptrend (experienced last week), deadlock (this week) and retroversion.
If this ‘Doji’ pattern turned out to be correct as Majic predicts, then Bitcoin could face 15% to 20% decline in its price in the coming ten days – and would possibly fall further down to mid $3000, to complete this formation.
Magic, who was tagged as the ‘Bitcoin Permabear’ last year when he predicted that the giant crypto would fall to $3000 from $10000 that later-on turned out to be accurate, is somehow optimistic that this bearish trend would be for short-term and Bitcoin would see a considerable rise in the years to come.
Speaking more about his optimistic views about the tremendous rise in the price of the Bitcoin (in long-term), the cryptoanalyst anticipates 2023 to be the year when the crypto will reach to the mighty $150,000 mark. In his own words:
“Now, I understand where the price is going again, and I am more bullish than I have ever been on any other market in my eleven years as an analyst. In my view, this next bull market is likely to rally to around $150,000, by approximately August of 2023”
Image courtesy of Pixabay.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.