A widely followed cryptocurrency analyst and trader believes that Bitcoin (BTC) could reach a six-figure price over the short to medium term.
The analyst and trader pseudonymously known as Altcoin Sherpa tells his 217,000 followers on the social media platform X that Bitcoin could appreciate to over $100,000 “later this year” – a potential gain of at least 48% from the current price.
According to Altcoin Sherpa, Bitcoin is trading in a range between $56,000 and the all-time high price of about $73,600.
“Anything in this area [between $56,000 and $73,600] is just noise.
We’re still chopping around and bullish high time frame/chop on low time frame.”
Bitcoin is trading at $67,727 at time of writing.
Over the short term, the pseudonymous analyst says that the 200 exponential moving average (EMA) on Bitcoin’s four-hour timeframe is likely to serve as a pointer for BTC price direction.
“You can generally see when price is above it, it acts as support; when below, it acts as resistance.
You’ll oftentimes see it trade below it when it does act as support for a brief time (see March 20th & April 2nd).
I’m betting on this time as well. I think we bounce around here…”
Turning to altcoins, the pseudonymous analyst and trader says that their price action will be correlated to Bitcoin’s.
“Things look bad in the short term but I feel that strong altcoins still have another big run coming when Bitcoin breaks past all-time high. When that happens, I have no clue. But I still feel pretty strongly BTC is going to do it within the next six months. And once altcoins finally start to bounce, the strongest altcoins are going to move the hardest (probably still will be memes I’d guess).”
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