A popular crypto analyst is forecasting a double-digit upleg for the leading digital asset.
Pseudonymous trader altcoin Sherpa tells his 188,000 Twitter followers that he expects Bitcoin (BTC) to stage a rally towards the $18,000 price level, but notes that there is one caveat – he doesn’t think the King crypto has bottomed out.
He also says that he believes Bitcoin will see a reversal once it hits its predicted mark, while also noting that he expects altcoins to do well as Bitcoin goes through its cycle.
“Overall idea: BTC hasn’t hit a macro bottom yet, but I think we’ll see [its] The price eventually goes into the $18,000 mark. Would expect a breakdown there and look for shorts. I find [altcoins] continue to do well over the next few weeks while this happens for BTC.”
According to altcoin Sherpa, most of Bitcoin’s downside momentum has dissipated recently. However, he doesn’t quite believe that the leading crypto asset by market cap has hit its bear market bottom.
“BTC: a bunch of neutral candles, nothing to say about that really. I think most of the immediate downtrend is over, but I don’t think this is the macro bottom. I still wouldn’t dismiss this move to $18,000-$19,000 ahead of possible new lows.”
Source: Altcoin Sherpa/Twitter
The strategist goes on to say that Bitcoin can surge as high as $19,000 if it surpasses $17,500. He says if it continues further into the low $20,000 area, it could be a good short selling opportunity for investors.
“I think we have to see that [the] Price clear $17,500. If that happens, $19,000 could be next.”
Bitcoin is changing hands for $16,933 as of this writing, a fraction of the gain over the past 24 hours.
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