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Prediction Paints Bitcoin (BTC) at $ 1100
According to previous Ethereum World News reports, Bitcoin (BTC), like most other financial badets, is subject to fractals, while the story rhymes effectively, but does not repeat itself. Through Forbes, Clem Chambers, founder of ADVFN, noted that the BTC rate could drop to $ 2,500, thereby referring to the underlying trends in badet price movements over the course of the year. last 12 months.
However, using fractals in a different model, a leading cryptocomputer badyst claimed that $ 2,500 would be just the beginning, recently pointing out that BTC could fall to $ 1,100 if its prediction deflates.
In a recent article published on TradingView, a popular mapping platform for crypto-currencies, stocks and forex, the so-called "Magic Poop Cannon", a self-proclaimed "Crypto Pop Legend" based in Houston, has explained that an "incredible fractal repeat" was discovered.
Must read! Hyperwave, Crazy Fractals, $ 6 LTC and $ 1100 BTC! – #LTCUSD graphic https://t.co/gFxXxykQEs
– MAGIC (@MagicPoopCannon) January 30, 2019
Over the paragraphs, Magic noted that the litecoin (LTC) was stuck in a long-term downstream channel, which began in July. After badyzing the Bollinger Bands, a simple but widespread technical measure, he noted that the current trend of Litecoin, which could add confidential transactions of Monero-esque in 2019, was changing day by day.
In fact, between November and today, LTC witnessed an "almost perfect replication of the expansion and contraction of the labor market." Bollinger Bands. Along with this simple price badysis, Magic then determined that LTC was likely to decrease, as the badet rallied at the top of its channel, fell linearly, showed a slight recovery, reached a peak and two times, all while displaying always lower vertices. And, keeping this in mind, Magic concluded that LTC could fall to $ 6.
Although his example obviously concerns LTC, Magic concludes that the same prediction model can be applied to Bitcoin, since much of the movement of the crypto market is derived from that of its leader. He explained that with the same model of Bollinger Bands superimposed on the price badysis, bitcoin could fall to $ 1,100, the highest badet of January 2017 – a date apparently propitious to Magic.
In a future tweet, Magic explained why he expected crypto-currencies far lower down with a basic reason, not just graphics. In a controversial tweet, which had many repercussions on Crypto's Twitter ecosystem, the badyst explained that it was "almost like NEED to drop significantly", noting that such a Downward movement would clean up this industry of bad actors and dubious products – "leeches that must be exterminated."
It's almost as if we NEED to go further down, clean up crypto space for shitcoin projects and fraud. These are leachings that must be exterminated.
– MAGIC (@MagicPoopCannon) January 30, 2019
It is interesting to note that the badyst's comments are quite similar to those of Travis Kling, Ikigai, a burgeoning crypto hedge fund that seems to have weathered the bear market. In a tweet, Kling, a firm believer in the non-sovereign nature of Bitcoin, explained that the industry was not ready for a race to rise, noting that there were not enough layoffs, exchanges, dead jibes ", among other deficiencies to justify a meeting that would change paradigm.
Magic is not alone, other cipher badysts are wary
While Magic's $ 1,200 "Hyperwave" prediction is clearly not very good, he is not the only operator to tout bearish price predictions. Murad Mahmudov, who recently became popular for his $ 1,700 forecast, recently explained that, if the cryptocurrency market counted and did not repeat itself, Bitcoin's "constant support" would be at an MA300 of approximately $ 2,400. However, he said Bitcoin could "go down" to $ 1,350, for an amount between $ 1,700 and $ 1,700, "because of past trends and the degree of overwork of the 2017 bubble."
Misty Mountains Title Image Courtesy of Eberhard Grossgasteiger via Unsplash
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