While the cryptocurrency market was calm in the first week of April, the popular analyst made a striking prediction about Bitcoin.
Crypto analyst Mags, who has more than 20 thousand followers on Twitter, explained his prediction by adapting the price movement of Bitcoin in the past period to the present.
According to the analyst's share, the current movement of the BTC price is quite similar to the bear season seen between 2013-2015. The leading cryptocurrency had similar movements in the bearish market, and after consolidating in the $200-$300 range, it rose to $780.
Mags expects Bitcoin to rise to the $51,000 level by October if the same scenario happens. The famous analyst used the following sentence for the negative technical analysis about BTC recently:
“Assuming that Bitcoin should be sold at $28,000 is the same as giving advice to sell at $350.”
Why Did Bitcoin Start To Rise?
The leading cryptocurrency gained as much as $29,000 as interest rate hike expectations waned. Pricing that the Fed would lower interest rates caused the 10-year US bond yield to decline. The decline in bond yields led to an increase in the risk appetite of investors.