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 [certain]. 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.”
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Natalia Siiatovskaia/DEYASA_346
