At the beginning of April, the price of Bitcoin surged, which caused a change of sentiment on the crypto market. However, the price of Bitcoin has stalled within the Range of $5000 in some days now, likewise some other top Cryptocurrencies. This has changed the near term Bullishness of the market.
A crypto analyst known as Magic and a self-proclaimed ‘Crypto Pop Legend’ affirmed the near term bear while he warns the crypto space of an imminent pullback of Bitcoin price within the next ten days.
Bitcoin Can Go Bearish
Magic, a cryptoanalyst was tagged a Bitcoin permabear last year because he was predicting that Bitcoin’s price would fall from $10,000 to $3,000.
In his recent analysis posted on trading view, Magic explained that Bitcoin’s recent bullish rally from $3,400 to $5,450 just last week painted half of an enormous evening star doji pattern, and pointed out that the movement has been in textbook formation so far.
He further explained that “Typically, the bullish candle that rises before the doji star, is completely erased on the other side of the doji. In other words, if this pattern plays out, next week could completely erase the gains that we have seen.”
According to his prediction, Bitcoin could see a 15 to 20 percent drop to $4,100 in the next ten days and then a further sell-off that could also see it fall to mid $3,000 to finish the formation.
Certainty Of A Bullish Trend
Meanwhile, though Magic sees a bear on a short term basis, he remains Bullish on the long term of Bitcoin. He noted in a tweet post that “People often speculate on where BTC will go in the future. I see the next bull market peaking at around $150,000, and I see us stabilizing around $500,000 in the 2030s. I know that BTC could be worth millions, but I don’t see evidence of the million dollar range in the charts.”
Also, he stated that he understands where the market is going, and he is more Bullish than he has ever been on any other market since his eleven years of being an analyst. He envisages the next bull run to take the value of Bitcoin to about $150,000 in 2023 and Bitcoin should stabilize at $500,000 by mid-2030s.
All crypto enthusiasts share the certainty of a long term bullish run of cryptocurrency as maintained by Magic. Perhaps, the best strategy for interested investors at the moment is to strategize when to invest, in order to avoid fomo in the near future.