One of the most prominent crypto analysts on twitter Majin was once known to be a bull on bitcoin however now, he seems to have gone bearish and called for BTC to slide all the way down to $7k.
Given that the current price is currently held at $7,912.42, a drop of $900 would, in theory, be seriously harmful to the market.
Now, this was actually a prediction by Majin made earlier in the year, at the end of July.
As we are on the way to a $7k Bitcoin, some of the biggest bulls from crypto twitter are coming out to play. Majin believes that BTC will experience a second coming of sorts and will rally all the way up to $12k.
“Price discovery is done below $7,000 in 2018…
A bigger dump to sub $8,000 will be the major shakeout event, and it will be over more quickly than sentiment is led to believe.”
Majin even says that price dumps are an healthy act which can sometimes give a re-burst of sorts to the digital currency.
“2016-2017 has many examples of deep dumps after consolidation-pennants which flipped into new rallies to higher [levels].
Notice how bears took over the sentiment? Now especially, people will want to short rallies. Seems like a good bear trap in the making to me.”
Majin is counting on the continuous bearishness to give a boost to the leading cryptocurrency.
In terms of price though, the leading cryptocurrency is now priced at $7,912 following a 3.20% decrease in value over the past 24 hours.
The analyst finally added:
“Dumps are always super-savage but short-lived in bull markets.”
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