"The next bull run is beginning," says prominent crypto trader

07 May, 2019
by Richard Allen
Price Analysis
The next bull run is beginning, says prominent crypto trader

Prominent crypto trader and market analyst, MagicPoopCannon has posted several tweets relating to Bitcoin’s current price action. With the apex cryptocurrency nearing $6,000, many are eager to hear what leading investors are thinking.

According to Magic, “we may not see a Bitcoin pullback until it has shattered all of this 6000 resistance area.” Magic goes on to say that after trading in and out of the market over the past few weeks, they’ve decided to go back to HODLing. However, they admit that they'll buy above the 50-week MA (moving average), or sell if we close below it.

In response, Twitter user InvertedBart said Magic was all over the place, to which they responded: “I have to move with the market, and it's showing me that I may have been wrong by expecting a test of the low 4000s, even though the NVT shows a sell signal.”

NVT is the Network Value to Transactions ratio and represents the dollar value of cryptocurrency transaction activity relative to network value.

Magic goes on to say that given the recent close above the 50-week MA after the golden cross, its definitely time to buy the dip. According to the trader, these are historic signs that the next bull market is beginning “and they definitely shouldn’t be ignored.”

With that being said, Magic states that the "real meat and potatoes" of resistance is around the $6,100 mark. 

 At the time of writing, Bitcoin is trading at $5,896.15, up 3.02% over 24 hours.

BTC/USD chart provided by Tradingview

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Read more about: MagicPoopCannon


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