Cryptocurrency analyst Altcoin Sherpa has raised concerns about the potential for Bitcoin to reach new lows, suggesting that the current bottom has not yet been established. Speculating in a social media post, Altcoin Sherpa indicated that Bitcoin could find support around the $40,000 range instead of $50,000. This prediction was based on the expectation of further market turbulence, liquidations, and price drops below the psychological level of $50,000. The analyst foresees a period of price consolidation for Bitcoin over the coming months, with intermittent altcoin movements causing temporary excitement among investors.
Conversely, analyst Mikybull Crypto has taken a more optimistic stance on Bitcoin’s price trajectory, asserting that the bottom is already in place and that the cryptocurrency is unlikely to dip below $50,000 again. Using technical analysis tools like the Elliot Wave Theory, Mikybull Crypto pointed out that the current corrective phase for Bitcoin is concluding, with the potential for a significant uptrend in the near future. The analyst highlighted indicators such as the volatility index (VIX) and the Relative Strength Index (RSI) to support the argument for a bullish outlook on Bitcoin. Additionally, factors like the Bank of Japan’s monetary policy and institutional accumulation of Bitcoin further bolstered the case for a positive price trend.
Recent data presented by Cryptoquant’s CEO Ki Young Ju suggests a trend of accumulation among institutional investors, with a substantial amount of Bitcoin being transferred to long-term holder addresses in the past month. This accumulation, coupled with signals of market stability and diminishing selling pressure, indicates a growing interest from institutional players in the cryptocurrency space. The emergence of new trading instruments like Spot Bitcoin ETFs and the observation of continued whale accumulation further support the notion that institutional investors are actively participating in the market, potentially driving future price movements.
The debate surrounding the Bitcoin bottom reflects the diverse perspectives and analyses offered by cryptocurrency analysts. While Altcoin Sherpa remains cautious about the possibility of further downside for Bitcoin, Mikybull Crypto presents a more optimistic outlook, projecting a bullish trend for the cryptocurrency in the coming months. The dynamics of institutional accumulation, market indicators, and external factors like monetary policies all contribute to the complexity of predicting Bitcoin’s price movements. As the market continues to evolve, investors and analysts will closely monitor these developments to gauge the future direction of the flagship cryptocurrency.
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