Bitcoin price has eclipsed last year’s high in an explosive rally up to the $16,000 mark. The market sentiment is bullish, and predictions call for higher highs by the end of this year. However, one accomplished trader has raised the bar quite high. He thinks BTC will be worth anything in the $80,000-$90,000 range by June 2021.
A popular TradingView based chartist ‘MagicPoopCannon’ (MPC) is projecting supremely bullish vibes based on the current status of bitcoin markets. For starters, he pointed out how BTC’s Relative Strength Index (RSI) indicator has passed into the ‘overbought territory.’ This MPC stated is a scenario that has historically preceded face-melting bitcoin rallies.
It happened in July of 2012 and then in November of 2015. With the exception of May last year, MPC commented that this time, the market dynamics this year are very different. RSI is trending higher, and this only bodes well for bitcoin’s future outlook. However, there’s a catch.
What’s concerning, is that price has technically formed a (slightly) higher high (compared to the 14000 high of July 2019,) but the highs of the RSI and the MACD are lower.
MPC assured readers that both the above indicators are close and ‘could catch up.’ The trend worth noticing here is the ‘rising blue arc,’ which has been a prevalent factor since the very inception of bitcoin. Also, there’ less to absolutely no possibility of it falling anytime in the near term.
MPC strongly applauded the current bitcoin chart pattern and said that in his 10 years of trading and charting experience hadn’t seen anything like it. Although the drop to the bottom of the rising blue arc happened in March this year, bitcoin has held that point as support and bounced above $14,000, thereby proving that the arc pattern is infallible.
Currently, BTC is trading at $15,500, and the next near term target is the region around the 17,000 price level, as per MPC. Further, in its rally, bitcoin could test its all-time high of $20,000. But what after that?
The TradingView analyst supplying dollops of hopium for bulls predicted that Bitcoin (BTC) price could go ahead and test the $80,000 – $90,000 price region by June of next year.
