Bitcoin(BTC) Could Slide To $1700 By June, Predicts Cryptocurrency Analysts

1/ Why I believe the famous 200-Week Moving Average support from the last bear cycle WILL BREAK during this bear market cycle:

Let's peel the onion and dig deeper and deeper into the Art & Science of Bitcoin's $BTCUSD weekly Moving Averages: pic.twitter.com/MWe5o63iZ3

— Murad Mahmudov ? (@MustStopMurad) January 31, 2019

He noted crypto market’s historical cycles, three of which have been fleshed out so far. Mahmudov observed that the key MA25, MA50, MA100, and MA200 were shifted ‘one level’ back with each cycle.”  The chart further illustrates that each multi-year market cycle, the importance of each MA level decreases, as averages pertaining to longer time frames takes their place.

While the technical analysis is all great, the fundamental analysis isn’t included in the conclusion. Noting the same, Mahmudov remarked that just as the 200-week moving average was a level of utmost importance for BTC from 2015 to 2018, MA300 (and potentially MA400 too) will be integral lines to watch in the coming months.

Furthermore, as they say, history repeats itself and observing the charts Mahmudov asserts that Bitcoin will sink near the $1700 mark. He added that Bitcoin could “wick down” to as low as MA350~400 in the $1,700 range, “due to past patterns and how particularly overstretched the 2017 bubble was.”