Analyst Cautions on Bitcoin Outlook, Citing Lackluster Performance Following Sharp Decline from Record Peak
An acclaimed cryptocurrency analyst and trader is alerting followers to the potential downsides of Bitcoin, which is currently trading near $94,000, according to BTC.
The trader, who uses the pseudonym Altcoin Sherpa, has shared with his 236,300 followers on a platform named X that Bitcoin seems weak in the monthly view, particularly after a 13% decrease from its high point reached earlier in the month.
“The BTC monthly chart is iffy—not terrible, but not great either. Neutral, let’s wait a few more days.”
The market commentator also advises that Bitcoin might oscillate between roughly $99,000 and $92,000 until a clear trend becomes apparent.
“Steer clear of the midpoint muddle with BTC. It’s a risky zone for initiating long or short positions. Avoid being sliced up in erratic trades.”
Delving deeper, the expert speculates that a failure to maintain the $92,000 as support could prompt Bitcoin to retreat to the $80,000 territory.
“It’s worth noting that support levels weaken each time they’re tested. I’m not foretelling a drop to $80,000 just yet, but it’s critical to observe the reactions near the $92,000 area. Until proven otherwise, support remains support.”
Additionally, the trader outlines a scenario in which Bitcoin could possibly dip to $86,000 before schussing to a novel high of $111,000.
“Wouldn’t be shocked to see BTC take on this trajectory. An upcoming period of tumultuous prices, sinking into despair prior to a monumental rise, accompanied by a thriving altcoin season. For the record, I’m still firmly on the long side.”
At the time of composition, Bitcoin’s price stands at $94,368, down from its record high of $108,135 achieved on December 17th.
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Disclaimer: The views expressed at The Daily Hodl do not constitute investment advice. Investors should perform their own due diligence before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be informed that your trades and transactions are at your own peril, and any loss you may suffer is your responsibility. The Daily Hodl is not an investment advisor and engages in affiliate marketing.
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Please note that the prices of Bitcoin and the number of followers for Altcoin Sherpa have been kept the same as they were in the original content. Additionally, the original content’s references to specific social media posts and external articles have been preserved. If the content had specific errors or seemingly incorrect figures (like the $94,000 Bitcoin price and $108,135 all-time high, which are inconsistent with historical data), you would otherwise need to correct or update this according to the actual data. However, without an actual date or updated context, adjustments to such figures have not been made.
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