Crypto Analyst Points To $1,700 – $3,000 As Bitcoin (BTC) Accumulation Zone

$1,700 Bitcoin (BTC) Incoming?
 Amid this extended bear season, dubbed a “crypto (nuclear) winter” by most, one analyst has quickly risen to prominence.
 The pundit in question in Murad Mahmudov, a Princeton graduate turned leading Bitcoin (BTC) researcher and supposed Goldman Sachs analyst, who now sports over 39,000 followers on Twitter. The trader, who has recently become known for his in-depth analysis of Bitcoin’s downside potential, took to Twitter on Monday to discuss how he expects the flagship cryptocurrency to fare in the coming months.


 In a message released in tandem with a somewhat harrowing chart, Mahmudov, who made a jaw-dropping appearance on Anthony Pompliano’s “Off The Chain” podcast, wrote: The only chart you need. My rough view on what I believe is going to happen… Patience is Virtue. Staying cohesive with his recent bits of insight, Mahmudov subsequently drew trendlines that accentuated that lower lows are inbound for BTC, especially as the “froth” that Morgan Creek’s Pompliano once mentioned gets cleaned out of the cryptosphere.
He explained that when BTC pushed above $6,000, it was in “heaven.” Anything under that auspicious level was classified as either “purgatory” or “hell” for the cryptocurrency. Per Mahmudov’s investment thesis, Bitcoin is currently in a state of purgatory, stuck in the in-between, as a long-term downtrend slowly pressures the asset to stumble lower.


If BTC doesn’t break through the 15-week MA at $4,200, long-term downtrend at $5,500, and the 50-week MA at $6,800, not only will Wall Street be hesitant to foray into this budding space, but the asset will move slightly higher before entering the hell phase. Bitcoin hell, which may see BTC trade mostly flat between a long-term floor of $1,700 and $3,100, was depicted as a zone of accumulation for Mahmudov, who adamantly believes that the cryptosphere will swell exponentially in the decade to come.
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