Top Crypto Trader Predicts Double-Digit Bounce For Bitcoin (BTC) – But There’s A Catch CryptoBlog
A widely followed crypto analyst predicts a double-digit bounce for the leading digital asset.
Pseudonymous Altcoin Sherpa Trader recount his 188,000 Twitter followers that he is waiting for Bitcoin (BTC) to trigger a rally towards the $18,000 price level, but notes that there is a caveat – he doesn’t think the king of crypto has bottomed out yet.
He also says he thinks Bitcoin will see a reversal once it hits its intended target, while noting that he expects altcoins to perform well as Bitcoin goes through its cycle.
General idea: BTC has not yet reached the macro bottom, but I think we will see [its] the price eventually reaches $18,000. I would expect a breakdown there and look for shorts. I think [altcoins] continue to do well for the next few weeks as this happens for BTC.
According to Altcoin Sherpa, most of Bitcoin’s downward momentum has dissipated recently. However, he doesn’t quite think the leading crypto asset by market capitalization has bottomed out in the bear market.
“BTC: a bunch of neutral candles, no complaints about that. I think most of the immediate downtrend is over, but I don’t think that’s the macro bottom. I still wouldn’t reject this going from $18,000 to $19,000 ahead of potential new lows.
The strategist goes on to say that Bitcoin can reach $19,000 if it breaks above the $17,500 level. He says if it goes even deeper into the low $20,000 range, it could be a good short selling opportunity for investors.
“I think we have to see [the] clear price $17,500. If that happens, I think $19,000 might be next.
Bitcoin is changing hands for $16,933 at the time of writing, a fractional gain over the past 24 hours.
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