'Bitcoin will not break $6000 in 2019 and early 2020, $3000 first'

02 May, 2019 | Updated: 02 May, 2019
by Jelmer van der Dussen
'Bitcoin will not break $6000 in 2019 and early 2020, $3000 first'

While the sentiment about Bitcoin has been positive for weeks already, one of the most popular cryptocurrency traders on Tradingview strongly believes that BTC will fall back. The infamous trader that goes by the name 'MagicPoopCannon' predicts that Bitcoin will trade sideways between the $6000 and $3000 range 'for the majority of 2019, and possibly even into early 2020'.

MagicPoopCannon has been warning his followers lately that Bitcoin could see a drop back to $4100, and states in his latest analysis that 'I do believe that we will most likely return to the $3000-$4000 range'.

BTC/USD Chart provided by Tradingview

One of the reasons for a possible return of BTC to the $3000 zone is that 'in every bear market Bitcoin has ever had, it has touched the bottom of the blue arch before the next bull market began.' In his analysis, MGC says: 'Granted, there have only been two prior bear markets. Though, each one has produced at least one touch of the bottom of the arch. Knowing this, I think there is a high probability that Bitcoin will once again return to the bottom blue arch, before entering the next bull market. From my view, that could happen at 3000 or even lower, depending on how fast BTC moves down from here.'

'Now, I don't really think we will dip below 3000, but it is definitely possible. Especially since the bottom of the arch is still well below 3000.'

There is another reason for MGC to think Bitcoin will lose value again in the next period. He refers to the NTV indicator, which is network value divided by the 90 day moving average of daily transaction value. According to MGC, this indicator has never failed. 'Now, it's flashing a powerful sell signal. Each time we had a weekly sell signal in the past, the market fell at least to the 61.8% retrace. Currently, that's around where? Oh yeah, $4,100!'

2019: sideways action for Bitcoin
The trader says he sees many danger signs, and strong resistance at $6000. 'In the long term, Bitcoin will soar! But for now, there is more downside and sideways chop left in the market. As you can see by the arrows on my chart, I expect that we will continue to chop sideways between the 6000 range and 3000ish for the majority of 2019, and possibly even into early 2020. I don't necessarily believe that we will see lower low, but it could happen. Particularly near October, based on cyclical market analysis that I've shared in the past.'

BTC/USD Chart provided by Tradingview

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