A pseudonymous crypto trader warns that Bitcoin (BTC) may not have bottomed out yet despite an over 30% rally in a matter of days.
Altcoin Sherpa tells his 10,800 YouTube subscribers in a new video that Bitcoin could hit a new 2023 high of over $30,000 before tumbling by more than 50% to up to around $15,000.
“I think that price is going to trade lower, possibly in the $20,000s, possibly in the $15,000, $17,000s again. That was kind of my overall opinion.
I do believe that bottoms take a long time to form. Wouldn’t surprise me at all to see something like you know we go back up $30,000, $31,000, $35,000 I have no idea where it stalls out at. And then you know we start to trade down again and maybe we form some sort of like double bottom…”
According to the analyst, Bitcoin could alternatively retrace slightly before embarking on a rally if the macro conditions allow it.
“If macro is okay overall and inflation is dying down, like the Fed [Federal Reserve Bank] wants a soft landing, and we see like this overall just kind of soft landing, then I don’t think we dip this far maybe we just dip a little bit…
And then like just start printing out a bullish market structure. Higher highs, higher lows at that point and everything is just dandy.”
Bitcoin is worth $24,680 at time of writing.
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The post Trader Warns Bitcoin Could Plunge Over 50% Before BTC Bottoms Out – Here’s the Timeline appeared first on The Daily Hodl.