Analyst and trader, nicknamed Altcoin Sherpa, bitcoin He warns that the price may not have bottomed out yet, despite gaining more than 30% in a few days.
Sharing video on YouTube channel Altcoin SherpaHe thinks BTC could record a new high of $30,000 before correcting more than 50% to $15,000.
“I think this price will drop further, possibly trading between $15,000-20,000. This is my general opinion.
I believe it takes a long time for bottoms to form. It wouldn’t surprise me at all to see that we’re back to $30,000-35,000. I have no idea where it will stand. And then we start trading downwards again and maybe create something like a double bottom…”
According to the analyst, Bitcoin could alternatively pull back a bit before starting a rally if macro conditions allow.
“If the macro outlook is good overall and inflation is falling, if it wants a soft fall like the Fed and we see a soft drop, then I don’t think we’re going to go that low, maybe just a little bit…
And then a bullish market structure starts to emerge. At this point, higher highs, higher lows in Bitcoin price and all is well.”
You can follow the current price action here.