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, a transition from a “long bear-to-bull phase” was on the cards.
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.
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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.