A widely followed crypto analyst says Bitcoin (BTC) is exhibiting a similar trend last seen in July 2021 before a bull run.
Pseudonymous trader Altcoin Sherpa tells his 10,500 Youtube subscribers that after the king crypto has chopped around in a similar price range for more than 100 days it has entered a bottoming process.
He says the price activity is unlike 2018 when BTC was hovering around $6,000 and had some rallies before seeing a drop in value to around $3,000. Instead, he says, it’s more like a bottoming process in the summer of 2021 that led to a bull run.
“Personally, I think that the overall bottoming process is underway. I would not be surprised if we still spike a little bit lower. But would like to see an overall reclaim of this range. So why do I think this is kind of a bottoming structure? I don’t really necessarily think this is like the 6k level personally, just because the 6k level had these clear highs and lows. And [the current price action] is just much more of a tighter sort of price action that we’re seeing, similar to like what we saw back in this kind of consolidation back in 2021 of summer.”
Sherpa says he is unable to give a timeline for how long the bottoming process will last in the range of $19,000. He also said he wouldn’t be surprised if the price dipped another 25%.
“I don’t know how much longer this is going to take. It could chop around for a while longer. We could still break down to $16,000. You know price could go something like this where we break down below and then kind of come back up to this range and this chop around.
Certainly [it’s] possible to just keep chopping around to the point where this actually just continues on and on. But, in my opinion, the longer that we spend in this range the better it is, because accumulation does take a long time overall, and the bottoming process for Bitcoin does take a long time as well. So I’m not saying that $19,000 is the bottom price. It could still fall another, I don’t know, let’s call it down to like $16,000, another 20-25%, or something like that. But I’m personally of the opinion we’re not going to go to like $10,000.”
At time of writing, BTC is trading hands at $19,113.67.
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