A popular crypto strategist is warning that Bitcoin (BTC) may experience a high degree of volatility in the coming weeks amid broader market turmoil due to US President Donald Trump’s tariffs.
Pseudonymous trader Altcoin Sherpa tells his 243,600 followers on the social media platform X that Bitcoin may consolidate in the near term within a trading range that has a lower bound of $70,000.
“Expecting there is some sort of chop between $70,000-$90,000 over the next several weeks for BTC. Relative bottom probably in but still some more consolidation to come.”
The analyst believes Bitcoin will hit the upper bound of the trading range, $90,000, at some point during the consolidation as trading volume picks up.
“BTC small pullback maybe around here, but I ultimately think that BTC is going to retest $90,000 soon. After that, I have no idea.”
Looking at his chart, the trader suggests that Bitcoin may be gaining momentum toward the upper bound of the trading range after crossing the 100-day exponential moving average (EMA) at $81,980.
Lastly, the analyst warns that if Bitcoin loses support at $78,000 on the weekly timeframe, the crypto market may plummet.
“Still gives May 2021 vibes for BTC. Chop, chop, chop in this region while alts can have some moves. Lose that wick low at $78,000 on HTF (high timeframe) charts and things get ugly quickly.”
Bitcoin is trading for $82,393 at time of writing, up 3.5% in the last 24 hours.
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