A crypto analyst who called this week’s Bitcoin crash says the king of crypto is still in a long-term uptrend.
The trader, who goes by the name Majin, marked the moment the bears took the short-term momentum in late July, saying low buy-side demand had triggered an ideal time to short BTC.
“If I’m wrong, you have something else to laugh over. But I’m sad with the fact I may be talking sense here.
Bid-side support across the order books are at an all-time low at the moment. Demand has leaked away with each failure to break higher resistances or hold higher supports.”
https://twitter.com/majinsayan/status/1154536064796758016
Now that Bitcoin has reached about $8,000, Majin says buyers are lining up to buy in the $7,000 range. He tells CCN he believes BTC won’t trade below $7K again.
“Price discovery is done below $7,000 in 2018. A bigger dump to sub $8,000 will be the major shakeout event, and it will be over more quickly than sentiment is led to believe…
Dumps are always super-savage but short-lived in bull markets.”
Majin and veteran trader Peter Brandt point out that from a technical perspective, Bitcoin has not yet broken out of its overall long-term bull cycle that began in early April of this year.
As for his next target, Majin says he thinks BTC will once again surprise the naysayers and “rise like a phoenix.”
“$7,000 range is a confirmed demand zone. So bears will be cocky here at the worst range. But it’s just begging to become a major shake-out.
Bitcoin always rises like a phoenix against all sentiment. The next part could be to fill all the volume above $12,000.”
BTC is up 2.05% at $8,211 at time of publishing, according to CoinMarketCap.
