{"id":566889,"date":"2021-05-15T13:23:42","date_gmt":"2021-05-15T10:23:42","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=566889"},"modified":"2021-05-15T13:24:05","modified_gmt":"2021-05-15T10:24:05","slug":"bitcoin-could-drop-to-12k-15k-if-it-enters-a-bear-market-analyst","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-could-drop-to-12k-15k-if-it-enters-a-bear-market-analyst\/","title":{"rendered":"Bitcoin Could Drop to $12k &#8211; $15k if it Enters a Bear Market &#8211; Analyst"},"content":{"rendered":"<ul>\n<li><strong>MagicPoopCannon has explored the possibility of Bitcoin entering a bear market<\/strong><\/li>\n<li><strong>If it happens, Bitcoin could drop to as low as $12k or $15k<\/strong><\/li>\n<li><strong>Bitcoin is currently trading below the 50-day moving average which is a sign of weakness<\/strong><\/li>\n<li><strong>Magic speculates that perhaps Tesla knew Bitcoin was near a top hence the announcement to stop accepting BTC for car payments<\/strong><\/li>\n<\/ul>\n<p>Bitcoin and crypto analyst, <a href=\"https:\/\/en.ethereumworldnews.com\/xrp-has-real-utility-and-could-keep-rallying-crypto-analyst\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">MagicPoopCannon<\/a>, has explored a possible scenario of Bitcoin has entered a bear market with <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-inflows-into-crypto-exchanges-hit-a-1-year-high\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">the recent dip below $50k<\/a>. According to Magic, Bitcoin is currently trading below the 50-day moving average which is a sign of weakness. He explains this scenario <a href=\"https:\/\/twitter.com\/MagicPoopCannon\/status\/1393410650538381313\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">as follows<\/a>.<\/p>\n<blockquote><p>I am neutral to bearish right now, but if BTC can rally back above the 50 day, and start making higher highs and lows again on the daily, I will be more bullish. Right now, I just see more and more weakness developing in a market that appears exhausted.<\/p><\/blockquote>\n<h2>Bitcoin Could Drop to $12k &#8211; $15k if it Enters a Bear Market<\/h2>\n<p>Magic <a href=\"https:\/\/twitter.com\/MagicPoopCannon\/status\/1393407911775416321\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">also added<\/a> that if Bitcoin enters a bear market, chances are, that it dips to as low as <a href=\"https:\/\/en.ethereumworldnews.com\/report-bitcoin-btc-losing-12k-support-could-be-due-to-manipulation\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">$12k<\/a> or $15k.<\/p>\n<blockquote><p>If this is the beginning of the bear market, I think BTC could fall as low as 12,000-15,000. Notice the key word **if**. We don&#8217;t know for sure that the top is in, but if it is, I think 12-15K could be where we end up.<\/p><\/blockquote>\n<h2>Maybe Tesla Realized that Bitcoin Might Have Topped<\/h2>\n<p>With respect to the recent sell-off due to Tesla announcing the end of Bitcoin as a car payment option, Magic jokingly stated that the move was probably because the electric car company realized <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-analyst-btc-could-test-the-80k-90k-region-by-mid-2021\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">BTC was close to a top<\/a> or had already topped.\u00a0<a href=\"https:\/\/twitter.com\/MagicPoopCannon\/status\/1393411132312989697\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">He explained<\/a> the logic behind such a theory through the following statement.<\/p>\n<blockquote><p>If someone pays them in BTC, and they hold it into a bear market, they would be holding rapidly depreciating assets, and losing massively on the profits from selling their cars.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>MagicPoopCannon has explored the possibility of Bitcoin entering a bear market If it happens, Bitcoin could drop to as low as $12k or $15k Bitcoin is currently trading below the 50-day moving average which is a sign of weakness Magic speculates that perhaps Tesla knew Bitcoin was near a top hence the announcement to stop accepting BTC for car payments Bitcoin and crypto analyst, MagicPoopCannon, has explored a possible scenario of Bitcoin has entered a bear market with the recent [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":58922,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[1233,6961,7000],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566889"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=566889"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566889\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/58922"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=566889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=566889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=566889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}