A popular crypto analyst and trader analyzes what’s next for Bitcoin as the largest cryptocurrency continues to trade below $50,000. In a new strategy session, Altcoin Sherpa says it is looking at two possibilities that could set the long-term trend of Bitcoin (BTC). Detail cryptocoin.com‘in.
Possible levels for bitcoin
Researching possible BTC levels, the analyst says:
A lower high is almost [kesin]. Looks like we’re going to hit some kind of lower peak compared to the $70,000 area. It’s almost inevitable and after that, if we hit a lower low then I’m very bearish. If we reach some kind of lower level then I’m bullish.
The lower high setup implied by the analyst suggests a meager rally to push Bitcoin above the $69,000 area, while a lower low suggests BTC will push past the critical price level of around $42,000. Altcoin Sherpa expects Bitcoin to rally to $58,000 before showing a low bullish setup around $47,000 and continuing the uptrend to new record highs. Analyst: “For now, the overall bullish market structure is still solid for me. “Except for some unforeseen circumstances in the macro environment, I believe Bitcoin is still bullish.”
While the crypto strategist remains bullish on BTC, he doesn’t expect the leading crypto asset to make any big moves anytime soon. Altcoin Sherpa says:
So what do I see for Bitcoin’s price action in the next few weeks? I think we should just chop it up. So after seeing a big, big down move… bottoms in general take some time to form. Generally speaking, the bigger the down move, the more consolidation is required.
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