A widely followed cryptoanalyst predicts a double-digit setback for the leading digital asset.
Pseudonymous trader Altcoin Sherpa says his 188,000 Twitter followers that he expects Bitcoin (BTC) to trigger a rally towards the $18,000 price level, but notes that there is a caveat – he doesn’t think the royal crypt has bottomed yet.
He also says he thinks Bitcoin will see a reversal once it hits his predicted mark, while noting that he expects altcoins to do well as Bitcoin goes through the cycle.
“Overall idea: BTC hasn’t macro bottomed quite yet, but I think we’ll see [its] the price eventually goes up to $18,000. Will expect a breakdown there and will look for shorts. I think [altcoins] keep doing well for the next few weeks as this happens for BTC.”
According to Altcoin Sherpa, most of Bitcoin’s downward momentum disappeared recently. However, he doesn’t quite believe that the leading crypto-asset by market capitalization has bottomed out in the bear market.
“BTC: a bunch of neutral candles, nothing really to say about this. I think the bulk of the immediate downtrend is over, but I don’t think this is the macro bottom. Still wouldn’t rule out this going to $18,000-$19,000 before potential new lows .”
The strategist goes on to say that Bitcoin could go as high as $19,000 if it surpasses the $17,500 level. He says that if it goes even further to the low 20,000 range, it could be a good shorting opportunity for investors.
– I think we will have to see [the] price ready $17,500. If that happens, I think $19,000 could be next.”
Bitcoin is changing hands for $16,933 at the time of writing, a fraction of the gain over the past 24 hours.
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