'Watch out: BTC could see a large pullback in next 10 days', analyst says

16 Apr, 2019 | Updated: 16 Apr, 2019
by Joeri Cant
Bitcoin
'Watch out: BTC could see a large pullback in next 10 days', analyst says

Crypto analyst and self-proclaimed 'Crypto Pop Legend' recently warned crypto investors that the world's most popular cryptocurrency could see a large pullback in the next 10 days.

The crypto analyst, going by the Twitter handle 'Magic Poop Cannon', took to Twitter to warn investors that Bitcoin might see a large pullback in the next 10 days.

The crypto analyst, who was labeled as a Bitcoin permabear last year, due to the fact that he was predicting that Bitcoin's price would plummet from $10,000 to $3,000, tweeted a 'Watch out' warning to his followers.

Read more: History shows that Bitcoin might have bottomed at $3,100

In an analysis posted to Trading View, the crypto trader 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.

'Typically, the bullish candle that rises before the doji star, is completely erased on the other side of the doji', Magic said. 'In other words, if this pattern plays out, next week could completely erase the gains that we have seen.'

If Magic's expectations turn out to be correct, Bitcoin could see a 15% to 20% drop to $4,100 in the next 10 days, and then sell-off even further, potentially to the mid $3,000s, to finish this formation.

Magic's short-term bearish views, however, don't keep him from being bullish on Bitcoin for the long term.

'Now, I understand where the price is going again, and I am more bullish than I have ever been on any other market in my eleven years as an analyst. In my view, this next bull market is likely to rally to around $150,000, by approximately August of 2023', he said.

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Read more about: Bitcoin (BTC)

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