• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin crypto destruction
Nexo Logo

Accurate Trader Calls For $1K Bitcoin and Destruction of Crypto Industry

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
Advertisement

It’s almost been two full years since the crypto hype bubble, and the leading crypto asset by market cap, Bitcoin is trading at roughly 35% of the price it reached during that peak, while the rest of the asset class is in many instances still down 99% from their all-time high.

However, one crypto trader and market analyst who has accurately called the breakdown of Bitcoin’s support at $6,000 in 2018, the asset’s bottom in December 2018, and its parabolic rally in April 2019, is now saying that Bitcoin must reach $1,000 next, and completely destroy the crypto industry before the asset can experience a healthy rebound.

Bitcoin Will Go To $1,000 Range, According to Trader With Accurate Calls

The crypto market is in a state of chaos after failing to rally into another bull run. Investors are still stuck holding extremely heavy bags of altcoins that have struggled to regain any lost ground.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | Give Thanks For These Crypto and Bitcoin Black Friday Deals 

Those who were burned by the crypto bubble weren’t lured once again by Bitcoin over $10,000, causing the crypto asset to collapse in price. Others blame altcoins for the collapse of Bitcoin.

Whatever the case may be, one crypto analyst who has made a string of accurate calls in the past, is now saying that Bitcoin will go “to the $1,000 range.” The analyst explains that this would be “good for crypto” as it would “destroy investors and projects,” claiming that’s exactly what the space needs.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

I think BTC is going to the 1000 range. It will probably take a while to get there, but based on everything I see right now, I think that is the most likely target. That would be great for crypto too. It would destroy investors and projects, and that's exactly what we need.

— MAGIC (@MagicPoopCannon) November 28, 2019

The analyst says he forces “extreme danger” in Bitcoin’s future, as the asset’s long-term logarithmic growth channel would be put in jeopardy if such a drop occurs, putting the asset’s longevity in question with investors expecting it to eventually reach prices of $100,000 or more per BTC.

Have Complacent Crypto Investors Yet To Capitulate?

Markets are cyclical, and it often takes investors capitulating before a market can experience a healthy enough shakeout for the cycle to begin once again. Because so many crypto investors were once again overly bullish on the asset class at the first sign of a rally, it drove the asset’s price up too quickly and it is now crashing down once again.

This could be a signal that crypto investors never actually capitulated, and such an event may be necessary for another bull market to occur.

Bitcoin’s price chart, when viewed on the linear scale, looks eerily like a popular schematic depicting a market cycle, and would suggest that Bitcoin is only at the area of complacency on the chart, which could mean that anger, depression, despair, and finally, capitulation may be ahead.

According to the analyst, such a drop would decimate all projects and investors in this industry, allowing Bitcoin to emerge from the ashes once again.

Related Reading | Should Bitcoin Investors Be Thankful It’s Thanksgiving? 

Don’t let the analyst’s name fool you, the outspoken trader has also perfectly called Bitcoin’s bottom, the prior breakdown from $6,000, and the rally to $14,000 this past April. Before the rally topped out, the analyst had been calling for a major crash, and is now looking to $1,000 as the ultimate target.

Featured image from Shutterstock
Tags: analystbitcoincryptomagicpoopcannon
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

REV3AL – NFT and Digital Asset Authentication Technology Launches on KuCoin June 30th

REV3AL – NFT and Digital Asset Authentication Technology Launches on KuCoin June 30th

34 seconds ago
Ethereum Needs To Breach This Level To Sustain Bullish Pace

Ethereum Needs To Breach This Level To Sustain Bullish Pace

38 mins ago
A Comparison of Global Futures Trading Platforms Shows 5 Advantages of CoinEx Futures

A Comparison of Global Futures Trading Platforms Shows 5 Advantages of CoinEx Futures

4 hours ago
XRP

XRP Has Dropped To $0.34, What To Expect In The 24 Hours?

6 hours ago
Solana

Solana Broke Its Nearest Support, Vital Trading Levels To Keep An Eye On

9 hours ago
Ethereum ETH ETHUSD

CME Net Short Exposure Reaches ATH: Why Institutions Are Bearish on Ethereum

12 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Crypto Crash: Bitcoin Falling Helplessly, Find Succour in These Two Coins

June 29, 2022

The Stock Market Crash Has Spurred Investors To Invest In Cryptocurrencies Like Mushe Token (XMU) and Quant (QNT)

June 29, 2022

TRON Breaks the 100 Million Users Mark, Celebrates Mainnet 4th Anniversary, and Announces Huge Hiring Push Amid Market Meltdown

June 29, 2022

LBank Exchange Will List Delio(DSP) on June 30, 2022

June 29, 2022

LBank Weekly Listing Report, 27th June 2022

June 29, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.