Mags, a pseudonymous long-term holder and trader of Bitcoin (BTC), has firmly stated that those anticipating BTC to dip to $12,000 will be in for a perpetual wait. According to the analyst, Bitcoin has surpassed its bottom and successfully navigated through its re-accumulation phase.
Mags’ shared chart indicates that the coin is in the early stages of the bull market. Additionally, through the chart analysis, Mags expresses the belief that BTC has the potential to surge towards the $160,000 mark when the bull phase gains full momentum.
Bears have faced disappointment.
Mags’ perspective was a response to fellow trader Capo of Crypto. In June 2023, Capo of Crypto warned the Bitcoin community of a potential drop to $12,000 and urged investors to exercise caution amid the then-bullish momentum.
Six months later, Bitcoin was trading at $43,569—a substantial 79.35% increase from Capo’s earlier sentiment. Despite this, other forecasts suggested that Bitcoin might still have further upward potential in 2023, with the price potentially reaching $50,000 before the year concludes.
However, the technical analysis of BTC indicated a prolonged consolidation phase. If this trend persists, reaching $50,000 within the remaining seven days of 2023 might prove challenging.
Simultaneously, the established support at $41,016 on December 18 implies that Bitcoin may not dip below $40,000 in the near future. Coin Edition then delved into the Aroon indicator for further insights.
A shift is necessary for BTC to reach $50,000.
As of the current moment, the Aroon Up (orange) stands at 14.29%, while the Aroon Down (blue) is at 57.14%. The disparity between these indicators indicates a stronger presence of bearish momentum compared to bullish momentum.
Examining the Relative Strength Index (RSI) reveals a decline in buying momentum, with the reading dropping to 53.15. If these indicators maintain their current positions, there’s a possibility that BTC will either persist in consolidation or dip below $43,000 before the year concludes.
![](https://sollcrypto.com/wp-content/uploads/2023/12/Screen-Shot-2023-12-24-at-8.40.18-PM.png)
Yet, a notable increase in accumulation might alter the course and propel Bitcoin upward. Simultaneously, Mags’ forecast of BTC reaching $160,000 could hold merit. Though not certain, the possibility of a spot ETF approval in January adds to the potential.
Furthermore, even if the coin fails to reach that level in January, the Bitcoin halving scheduled for April could act as a catalyst to drive its value higher. Historically, each Bitcoin halving event has played a pivotal role in the coin achieving new highs. Only time will reveal whether this pattern persists in the current scenario.