A widely followed crypto analyst says the future of Bitcoin (BTC) remains unclear as the markets continue to display heightened volatility.
In a new thread, pseudonymous crypto trader Altcoin Sherpa tells his 242,200 followers on the social media platform X that all outcomes are possible for the crypto king, noting that BTC will likely land somewhere between $75,000 and $100,000 within the next week.
“This market is highly volatile and I think that we can both send to $100,000 again or drop to $75,000 within the next week. All outcomes are on the table and it’s best to stay in cash (ready to ape if necessary). Don’t leave the computer over the next few days.”
According to the trader, the top crypto asset by market cap’s higher time frame chart doesn’t provide clarity as to which direction it could go.
“BTC doesn’t have much clarity at all on higher time frames. Yes, it’s back within the range and still above the 200-day EMA (exponential moving average) but [I really don’t know] what’s going on. Would still like to see $89,000 hold and in my opinion, all options are on the table with tomorrow’s volatility.”
Sherpa goes on to note that traders should expect weeks or even possibly months of choppiness before Bitcoin makes another big move. However, he does say that BTC tends to capitulate before finding a bottom, citing examples from previous cycles.
“Many people are expecting $70,000-$75,000 for BTC and I wouldn’t be surprised if those levels hit. Would be somewhat similar price action to 2021 where price consolidated for several months before having a gigantic move down.
Don’t necessarily know if we’ll chop and go past ATH (all-time high) like we did in 2021 but will play it level to level. Either way, we still probably have weeks/months of chop to get through after this is done.”
Bitcoin is trading for $89,957 at time of writing, a 2.5% increase on the day.
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