Sunday, June 16, 2024

Expert Crypto Analyst Forecasts Bitcoin’s Next Move as BTC Stabilizes at $30,000

Bitcoin (BTC) Entering Consolidation Phase, Anticipating Future Upswing: Expert Analyst

Altcoin Sherpa, a well-known crypto analyst with a strong following of 196,100 Twitter users, has shared insights on Bitcoin’s current market conditions and predicted an impending bullish move. According to Sherpa, Bitcoin is currently in the midst of a significant consolidation period, indicating an eventual upward surge.

Taking a broader perspective, Sherpa believes that most of 2023 will be characterized by volatility and consolidation. Despite the recent upward momentum, he foresees weeks or even months of price stabilization. Analyzing Bitcoin’s weekly chart, Sherpa notes the bullish signs, observing the clustering and tightening of exponential moving averages (EMAs), reminiscent of a similar pattern observed in 2019 when Bitcoin experienced a notable price rally.

During this prolonged consolidation phase, Sherpa suggests that Bitcoin may trade within a wide price range, with an upper bound of around $40,000 and a lower bound of approximately $15,000. He envisions a scenario where Bitcoin’s price fluctuates between $35,000 and $40,000 as the highs, while the lows hover between $15,000 and $20,000. Sherpa expects this choppy and consolidating trend to continue throughout 2023, expressing optimism for a shift towards bullish momentum by early 2024.

Sherpa also anticipates intermittent rallies for both Bitcoin and altcoins leading up to a sustained bull market for the top cryptocurrency. While he acknowledges the likelihood of several strong runs during this period, he emphasizes that a full-blown bull market might not emerge for at least another six to eight months, or possibly even longer. Drawing parallels to 2019, Sherpa mentions the potential for mini altcoin seasons, indicating opportunities for traders and investors. However, he advises caution and recommends maintaining cash reserves, selectively trading and investing in preferred environments, and taking time to enjoy other activities.

Read Also: Creating a Metamask Wallet: A Step-by-Step Guide for Beginners

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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