New Bitcoin Price Prediction Is Out

Source: Pixabay

Bitcoin has been seeing some significant corrections during the past weeks, but this did not stop optimistic predictions from popping up in the crypto space.

It’s been reported that there’s a popular crypto analyst and trader who maps out what’s in store for the king coin as it’s trading below $50k.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $48,503.

New BTC prediction is out

It’s been just revealed that Altcoin Sherpa says that he’s looking at two possibilities that could dictate Bitcoin’s (BTC) long-term trend.

“A lower high is almost [certain]. It’s almost inevitable like we’re going to hit some sort of lower high… compared to the $70,000 area and after that, if we hit a lower low, that’s when I’m very bearish. If we hit some sort of higher low, then I am bullish.”

The lower high setup that the analyst alludes to suggests a rally short of pushing Bitcoin above the $69,000 area, while a lower low indicates that BTC will take out the critical price level around $42,000.

According to Altcoin Sherpa, he expects Bitcoin to rally to $58,000 before printing a bullish higher low setup around $47,000 and continuing its uptrend to new record highs.

“For now, the overall bullish market structure still is intact to me. Barring some unforeseen circumstances in the macro environment, then I still believe Bitcoin is still bullish.”

Although the crypto strategist remains long-term bullish on BTC, he doesn’t expect the leading crypto asset to make big moves anytime soon.

“So what do I view for the price action of Bitcoin over the next few weeks? I think that we just chop. I mean after you see a big, big move down… generally, it takes a while for bottoms to form. Generally speaking, the bigger the move down, the more consolidation is needed.”

Stay tuned for more news.

Previous ArticleNext Article
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.
>