Popular Bitcoin and Crypto Analyst, MagicPoopCannon, has forecasted that Bitcoin and the crypto markets are yet to hit a top for this cycle. According to Magic, the Bitcoin 200 week MA divergence heat map is yet to show signs of exhaustion as explained through the following statement and accompanying chart.
Among other reasons, our location the BTC 200 week MA divergence heat map suggests that the crypto market has not topped yet. The heat map is only greenish yellow right now, and historically reaches red at the top. Therefore, this pullback is likely a great buying opportunity.
Bitcoin’s Top is Near And Could Be at the $80k to $90k
In a November 2020 analysis, Magic had postulated that Bitcoin would hit a top sometime mid-2021 at a level of between $80k and $90k. Magic reiterated this prediction in a tweet on the 16th of April and after Bitcoin dropped to a local low of $50,900 – Binance rate.
According to Magic, Bitcoin’s top is near and the ongoing pullback might be the last before the final push of this BTC bull cycle. Below is his tweet explaining the potential of a Bitcoin top mid this year.
The top is near. As many of you know, I’ve said on multiple occasions that I thought BTC would top out in the 70-80,000 range. The current divergences and building bullish exhaustion signals an impending pullback, and potentially the final top of this bull cycle.
— MAGIC (@MagicPoopCannon) April 16, 2021
Bitcoin Attempts to Regain $55k as Support
At the time of writing, Bitcoin is defending the $55k support zone after a nervous dip to $53,300 earlier today. The last few days of price action have resulted in King of Crypto once again printing a rising wedge on the one-hour chart as highlighted below.
The current rising wedge is not as ominous looking as the last one that led to the loss of several support zones between $60k and $52k. However, it does point to the possibility of Bitcoin dipping to the $52k to $50k range in the next few hours or days.
Therefore, caution is advised when going long on Bitcoin using leverage. Additionally, now might be a good time to buy the dip on the spot market based on Magic’s analysis of a top in the $80k to $90k range.