Several analysts and crypto experts have predicted a dull winter for the leading cryptocurrency. Trend analyst MagicPoopCannon with over 68,000 followers, believes that bitcoin has been in a bear market since December. He wrote that this not how bitcoin behaves in the bull market as it failed to break its all-time high, and it also was unable to hold a 21-week moving average.
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BTC Was in A Bear Market Rally The Entire Time by MagicPoopCannon on TradingView.com
The analyst further added that the price of bitcoin fell below the 50-day moving average and defined it as resistance. It also went on to fell below the 200-day moving average and defined it as resistance. He called it an extreme weakness that is 100% atypical of historical BTC bull market characteristics.
The analyst has predicted if the price of the bitcoin continues to follow the same trend, it might go on to crash below $4,000 in the coming months. Currently, the price of the bitcoin is trading just below $7,400.
