A crypto trader labeled as a “Permabear” during the bear market predicting accurately the bitcoin price drop from $10,000 to $3000 seems to have been turned bullish on Bitcoin price, going too far to predict a hit of the $150,000 mark.
MagicPoopCannon posted on his Tradingview channel an interesting analysis comparing the bottom of the 2014-2015 Bitcoin bear market to the bitcoin actual market conditions and activity.
Source: Tradingview
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.
MagicPoopCannon was called a “permabear” from many bulls during the bear 2018 market. He predicted that bitcoin is going to drop to $3000 when the price was above $10,000. At the time nobody wanted to hear from him. Now he seems to have turned bullish on bitcoin price.
So many people are talking about how Bitcoin is going to the moon this year, and blah blah blah. While I do believe that Bitcoin will ultimately explode in value, I don’t think that it will happen as quickly as people think. Many are under the impression that the market cycles are four years, and that it will moon as soon as the halving occurs. While the halving will be a catalyst, it will not produce a parabolic rise. It is a fact that the market cycles are getting longer, and the rise is perfectly in time duration between cycles is perfectly linear. That linear rise in duration, means that the next bull market peak is about 4.5 years away.
Based on my technical analysis , I believe that it will be around 150,000, as I said earlier. The linear cycle duration is also why I believe that we could see a slightly lower low later this year, which (if it occurs) would most certainly be the ultimate bottom of this bear market. Anyway, that is my opinion on where the market is likely to go, in the near term and the short term.
Do you agree with MagicPoopCannon that Bitcoin has already bottomed?
Feel free to post your thoughts in the comments below.