A popular crypto analyst and trader is mapping out what’s next for Bitcoin as the leading crypto asset continues to trade below $50,000. In a new strategy session, Altcoin Sherpa says that he’s looking at two possibilities that could dictate Bitcoin’s (BTC) long-term trend.
“A lower high is almost. 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.”
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