A crypto analyst who was labeled a “permabear” last year while accurately predicting Bitcoin’s price drop from $10,000 to $3,000 says Bitcoin is now poised to begin a slow rise to $150,000.
On TradingView, MagicPoopCannon compared the bottom of the 2014-2015 Bitcoin bear market to BTC’s current price action.
“That price action is INCREDIBLY similar, to what is taking place today. It is the primary reason why I believe that Bitcoin has bottomed, and it is why I am frantically buying like the bottom is in. Now, whether the bottom is actually in is obviously yet to be seen. However, I do see a slight potential that we could fall to one more lower low later this year, despite this fractal symmetry to the last bear market bottom.
Things like the oversold spikes on the weekly RSI, lead me to believe that we could see another dip later this year, but I don’t really care. If that does happen (and that’s a big IF) I suspect it will only be slightly lower than the 3150 low of December, perhaps only to 3,000. Whether that happens or not, is something I truly don’t care about.”
At this point, MPC says he’s now more bullish on Bitcoin than ever.
“In my view, this next bull market is likely to rally to around $150,000, by approximately August of 2023. I realize that is an audaciously specific date, and many people will scoff at it, but that’s what I have calculated and I have great reason to believe that my calculations will continue to prove to be accurate.”
Right now, Bitcoin is up 0.39% at $3,876. Ethereum is down 0.26% at $131.65, and XRP is up 1.3% at $0.3126.
In the short-term, technical analysts at large are slightly bullish on Bitcoin and XRP, with Ethereum at a key juncture.
NewsBTC – Upside Break Inevitable Above $3,900
Blockonomi – Price could explode soon: $4,000 holds the key
Cointelegraph – BTC bulls have a slight advantage
NewsBTC – ETH trading near make-or-break levels
FXStreet – ETH/USD stuck on approach to $131.00
Coinnounce – XRP price is currently in bullish momentum