The cryptocurrency hype bubble occurred almost two years ago. However, the current price of the most renowned cryptocurrency worldwide, Bitcoin, is about 35 percent of the highest price attained then.

There is a cryptocurrency trader and market analyst with the Twitter handle @MagicPoopCannon. The personality gave accurate predictions about Bitcoin three times: breakdown of its support at $6k in 2018, the bottom in the end of 2018, and its parabolic rally in April 2019.

However, the analyst has talked about Bitcoin reaching $1k next and the complete destruction of the cryptocurrency domain prior to a healthy rebound. The analyst noted that such a move is required by the crypto space.

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

Currently, the cryptocurrency market is not doing well following the failure to surge into a new bull run. The altcoins are likewise struggling to recover any lost ground.

According to the analyst, “extreme danger” is ahead for Bitcoin because such decline would jeopardize its long-term logarithmic growth channel. This will make the longevity of BTC questionable with the expectation that its price will ultimately attain $100k or more.

The cyclical nature of markets makes it necessary for investors to capitulate prior to markets’ shakeout for another cycle to start. However, numerous cryptocurrency investors go entirely bullish immediately they see rally signals, thereby driving the price up and now on the downside again. It may be showing that cryptocurrency investors never actually capitulated, and it is what is needed for the occurrence of a bull market.

The name of the analyst may seem somehow but he could right this time because he has been proved right three times.

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