- Mags, a technical analyst, noted that BTC may hit $160,000 in the bull market.
- The Aroon indicator suggests consolidation or decline for BTC as 2023 nears its end.
- If the SEC approves a spot ETF in January, Bitcoin may hit a new high.
Pseudonymous long-term holder of Bitcoin (BTC) and trader Mags has declared that those expecting BTC to drop to $12,000 would be waiting forever. According to the analyst, Bitcoin has risen above its bottom and also passed its re-accumulation phase.
The chart shared by Mags showed that the coin was in the early stage of the bull market. He also opined via the chart that BTC has the potential to rise in the $160,000 direction when the bull phase comes in full force.
#Bitcoin is not going to $12k pic.twitter.com/KNu37krpq9— Mags (@thescalpingpro) December 23, 2023
Bears Have Been Disappointed
Mags’ opinion was a response to a fellow trader Capo of Crypto. In June 2023, Capo of Crypto told the Bitcoin community that the coin could drop to $12,000 and investors should be wary of the bullish momentum at that time.
Six months after the prediction, Bitcoin changed hands at $43,569— a 79.35% increase since Capo revea…
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