Bitcoin (BTC) has been on an absolute tear over the past two months. Since the fateful April 1st, we’ve seen the crypto asset explode by over 100%, pulling up altcoins and arguably catalyzing the next full-on bull rally. Cryptocurrencies have gone so far that they are actually the best-performing asset class of 2019 so far, validating a prediction made by individuals like Travis Kling. Despite the stellar performance, some have tried to stay level-headed, claiming that Bitcoin isn’t exactly ready to shoot sky high.
Magic Poop Cannon, an analyst with a very odd pseudonym that foresaw last December’s drop, recently explained his thoughts on why BTC won’t run just yet. He remarks that from his technical standpoint, Bitcoin is “getting very close to the top of this move.” And there are a number of reasons why.