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BTC analyst can see bullish action occurring for bitcoin if its current trend continues

BTC analyst can see bullish action occurring for bitcoin if its current trend continues

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1 minute read

  • One well-known analyst within the crypto space for the leading cryptocurrency, MagicPoopCannon has provided a macro analysis of the King coin in which he sees it testing $80,000-$90,000 by the middle of 2021. 

One well-known analyst within the crypto space for the leading cryptocurrency, MagicPoopCannon has provided a macro analysis of the King coin in which he sees it testing $80,000-$90,000 by the middle of 2021. This is an extremely bullish prediction and according to the analyst, bitcoin has followed a“beautiful pattern… since the days of Satoshi“.

Explaining his prediction the analyst posted a chart, which you can see here. It has the blue arc highlighted to better note his analysis.

On top of this, the analyst believes that if bitcoin can break $14,000 with enough confidence, there is nothing stopping it from breaking $20,000 and then going onto it $80,000/$90,000 sometime next year.

With the United States presidential election taking place this week, bitcoin seems to have reacted positively despite no president being announced as of yet. Joe Biden is certainly looking to be the favourite but there is no final answer as of yet. Currently priced at just under $14,500 following a 6.25% increase over the past 24 hours, bitcoin is performing very well.

 …I think there is plenty of evidence to suggest that we could see BTC test the 80,000-90,000 region by the middle of next year. If it continues to follow the arc, and we get above 14K, a test of the all time high will be inevitable.

If we surpass the all time high, which I do believe would happen in that scenario, the top of the rising arc is the next stop. We could be on the precipice of a new crypto mania, if BTC can break above 14K, and then 20K. The arc says it will happen, but only time will tell.

As we say, bitcoin is performing very well and seems to be certainly in a bull market. Investor confidence is seemingly on the rise as many institutions from all over the world get further involved with the leading cryptocurrency.

For more news on this and other crypto updates, keep it with CryptoDaily!

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