Altcoin Sherpa Looks Into Two Potential Scenarios For Bitcoin (BTC)

A prominent cryptocurrency analyst and trader, known as Altcoin Sherpa, looks into what could be next for Bitcoin as the number one digital asset’s price continues to hang below $50K.

In a recent video, Altcoin Sherpa shared with his 8.5K Youtube subscribers that he see two possible scenarios that could lead Bitcoin’s (BTC) trend in the long term.

“A lower high is almost […] inevitable like we’re going to hit some sort of lower high… compared to the $70K area and after that, if we hit a lower low, that’s when I’m very bearish. If we hit some sort of higher low, then I am bullish.”

The bullish lower high setup that the analyst refers to could mean a rally pushing Bitcoin above the $69K area. The bearish lower low setup would mean that BTC will end up at the critical price level around $42K.

The trader believes that Bitcoin will rally to $58K before printing a bullish higher low setup around $47K and continuing its uptrend to new price discovery.

“For now, the overall bullish market structure still is intact to me. Barring some unforeseen circumstances in the macro environment, then I still believe Bitcoin is still bullish.”

While Altcoin Sherpa is in the long-term bullish on Bitcoin, it might take quite some time before the big up moves will happen.

“So what do I view for the price action of Bitcoin over the next few weeks? I think that we just chop. I mean after you see a big, big move down… generally, it takes a while for bottoms to form. Generally speaking, the bigger the move down, the more consolidation is needed.”