A well-regarded crypto strategist believes that Bitcoin (BTC) is likely to rise significantly in the medium term.
Pseudonymous analyst altcoin Sherpa tells his 192,400 Twitter that a breakout to the upside is on the horizon for Bitcoin, but first he forecasts a drop for the crypto king.
“BTC: My area of interest is $21,500. Right near the 200-day EMA [exponential moving average] and more and more in the HVN [high volume node] Area. The price can still drop 15% under these conditions and still move up overall. I still believe that we will eventually reach $30,000 in the medium term.”
Source: AltcoinSherpa/Twitter
HVNs are price areas where relatively large amounts of trading volume took place, indicating periods of consolidation that act as either support or resistance.
Should Bitcoin follow altcoin Sherpa’s script, the king crypto could initially drop to the $21,500 price level before recovering and recovering to $30,000, suggesting almost 40% upside potential for BTC.
Bitcoin is trading at $23,082 at the time of writing.
Meanwhile, another analyst warns that many traders in the crypto markets are currently being dismembered.
Pseudonymous trader altcoin Psycho tells its 491,200 followers that January gains were easy to come with rallies in the crypto market, but February brought unclear market conditions.
“After almost a full month, BTC is still at the same levels as it was in February. Open monthly. Late bears and bulls were punished equally with slashing.”
Source: Altcoin Psycho/TwitterDon’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
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