Bitcoin price yet again slashed below $17,000 after struggling to hold above these levels for a while. Meanwhile, the bears continue to remain moderately passive which denotes the possibility of a minor upswing shortly. Yet, the upswing is expected not only to reclaim the levels beyond $17,000 but also to uplift the price beyond the crucial resistance at around $18,500.
However, BTC price definitely cannot see a good increase as the bottom is still not reached. Therefore, the coin is believed to recover very soon, but only after a significant drop. A popular trader and analyst, Altcoin SherpaTells His 188K Followers That BTC Price Is About To Break Out From The Crypto Bottom Only After A Massive Rise Above $18,000.
“Overall idea: BTC has not macro-bottomed quite yet, but I think that we are going to see [its] price eventually go into the $18,000s. Would expect a breakdown there and will be looking for shorts. I think [altcoins] continue to do well for the next few weeks while this happens for BTC,”
According to Altcoin Sherpa, most of bitcoin’s recent decline has disappeared, but he still believes that bottoms could be coming soon.
“BTC: a bunch of neutral candles, nothing really to say about this. I think that the bulk of the immediate downtrend is over, but I don’t think this is the macro bottom. Still wouldn’t dismiss this going to $18,000- $19,000 before potential new lows,”
The analyst believes that bitcoin can go up to $19,000 only if it surpasses the $17,500 level. A move from these levels to $20,000 could trigger BTC shorts, which could send bitcoin price back to $19,000 in no time.
