Trader Warns of Potential Bitcoin Correction
A pseudonymous crypto trader, known as Altcoin Sherpa, has recently cautioned that Bitcoin (BTC) might not have reached its bottom yet, despite experiencing a surge of over 30% in just a few days.
The trader, who has over 10,800 subscribers on his YouTube channel, has warned his followers that Bitcoin could experience a new high of over $30,000 before plummeting by more than 50% to around $15,000.
In a new video, Altcoin Sherpa explained that he believes that BTC’s price could drop lower, possibly trading in the $20,000s or even in the $15,000 to $17,000 range again.
He also emphasized that bottoms take a long time to form, and he wouldn’t be surprised if the asset hit a new high of $30,000 to $35,000 before starting to trade down again.
The analyst acknowledged that he has no idea where the price would stall, but he thinks Bitcoin might form a double bottom. This occurs when the price drops to a low point, rises, and then falls to the same level as the previous low before rising again.
Altcoin Sherpa also provided an alternative scenario in which Bitcoin could retrace slightly before starting another rally, as long as macroeconomic conditions allow it. Suppose the macroeconomic situation is okay overall, and inflation is dying down. In that case, he thinks that Bitcoin might not dip as far and that the market structure could start printing out higher highs and lows.
However, the trader warned that it is difficult to predict what might happen. He emphasized the importance of being prepared for any eventuality. He also suggested that investors should focus on Bitcoin’s long-term prospects rather than short-term price fluctuations.
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Altcoin Sherpa’s cautionary comments highlight the ongoing uncertainty surrounding the cryptocurrency market. Despite Bitcoin’s recent price rally, the market remains highly volatile, and many investors are wary of investing large sums of money due to the unpredictability of the market.
As with any investment, conducting thorough research and seeking professional advice before making any decisions is vital.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
