As the bitcoin price shatters past $8,600, analysts are desperately throwing out wild new price targets. $10,000 in the next week. $30,000 by the end of the year. $1 million by 2020!
But one trader is less optimistic. Posting their analysis on TradingView, they warn that bitcoin is still in a bear market and may suffer a “violent” correction back to $3,000.
The trader, who goes by the bizarre pseudonym MagicPoopCanon, is bullish on bitcoin long-term, but believes a severe correction is coming.
Their view is rooted in bitcoin’s ten-year logarithmic chart which follows a predictable linear curve.