A widely followed crypto analyst is predicting a double-digit bounce for the leading digital asset.
Pseudonymous trader Altcoin Sherpa tells his 188,000 Twitter followers that he expects Bitcoin (BTC) to spark a rally toward the $18,000 price level but notes there’s a caveat – he doesn’t think the king crypto has bottomed out yet.
He also says that he believes Bitcoin will see a reversal once it hits his predicted mark while also noting that he expects altcoins to do well as Bitcoin goes through its cycle.
“Overall idea: BTC has not macro-bottomed quite yet, but I think that we are going to see [its] price eventually go into the $18,000s. Would expect a breakdown there and will be looking for shorts. I think [altcoins] continue to do well for the next few weeks while this happens for BTC.”
According to Altcoin Sherpa, most of Bitcoin’s downward momentum has dissipated recently. However, he doesn’t quite think the leading crypto asset by market cap has reached its bear market bottom.
“BTC: a bunch of neutral candles, nothing really to say about this. I think that the bulk of the immediate downtrend is over but I don’t think this is the macro bottom. Still wouldn’t dismiss this going to $18,000-$19,000 before potential new lows.”
The strategist goes on to say that Bitcoin can go as high as $19,000 if it surpasses the $17,500 level. He says that if it goes even further to the low $20,000 range, it could be a good shorting opportunity for investors.
“I think that we need to see [the] price clear $17,500. If that happens, I think $19,000 could be next up.”
Bitcoin is changing hands for $16,933 at time of writing, a fractional gain during the last 24 hours.
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