Bitcoin hasn’t had a great time in terms of its price point for a while. Analysts have been busy predicting the direction the token will take in the future. The latest prediction from a leading crypto analyst claims that Bitcoin might plunge down to $1700 by June. The analyst also adds that while bulls market may be on the horizon, bears would have a shot as well.
Murad Mahmudov, a Princeton graduate and a diehard crypto trader and hedge fund head, broke down why the “famous 200-week moving average (MA) support” for Bitcoin will break in coming months. Here’s the Twitter thread for the same:
Mahmudov’s analysis did no go well with his peers, Alex Krüger, a New York-based macro markets researcher, remarked, “300 MA, what a joke, only in crypto.” Echoing Krüger’s comment, Four Aces noted that 300 MA doesn’t have as much inherent importance as the 200 MA does.
On the other hand, Armin Van Bitcoin, a cryptocurrency skeptic noted that the monumental run-up of 2017 saw Parabolic Trav, who capitulated, become a popular figure. He noted that the bear market of 2018/2019 had Mahmudov, rhetorically asking the analyst when he would end his enamorment with issuing predictions.
Read more: 20-Year Old Hacker Pleads Guilty To $5 Million Crypto Theft, Gets 10 Years In Prison
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