Bull-Run Might Not Arrive Until 2020, Claims Analyst

Bitcoin, for a while now, has been seemingly on the verge of a bull breakout. This is something that has a lot of investors excited about what is around the corner, but some people differ in their expectations.

MagicPoopCannon, a famous Twitter analyst on everything crypto-related, has been giving his thoughts to his followers for quite some time now.

According to him, Bitcoin is not going to leave the field! It may be hard to hear for a lot of people, but this is just the thoughts of one single analyst.

The analyst, in a detailed publication on TradingView, argues that Bitcoin could drop down to trade at between $3,000 to $4,000 again before it sees sufficient energy to push it through to the $6,000 mark. He continues to say that Bitcoin may not be able to reach $6,000 until the early months of 2020.

A Few Historical Factors on the Matter

As indicated by the analyst –

“Bitcoin has had 2 major bear markets, and for each of them, the price chart dropped to reach the bottom of the blue arch. When that happens, a bull run is triggered and the market recovers.”

Explaining his BTC price chart, MagicPoopCannon argues that the blue arch at present sits at around the $4,000 mark. This implies that Bitcoin needs to hover over or around that range before it’s able to garner support for a serious price surge, but this may not happen before 2020.

As ZyCrypto reported –

“The user’s opinion has obviously been received with a pinch of salt by many, especially owing to the fact that the majority of the crypto community is currently bullish on Bitcoin. There have been reports of some expecting Bitcoin to hit $10,000 by the close of 2019.”

Some users have even indicated that the anticipated Bitcoin halving in 2020 has a historical trend. This argument goes on deriving that Bitcoin is most likely to be on a bullish footing in this month. Besides, the fact that the market just woke up from a long cryptocurrency winter back in April month accords more credence to the bull-run.

We are not financial advisors, nor this is investment advice. Kindly do your research before putting your money in cryptocurrency and for safe trading!

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.