Altcoin Sherpa Projects Possible Bitcoin Recovery – Altcoins To Follow
According to crypto analyst, known as Altcoin Sherpa, Bitcoin (BTC) bottom could be closing in at around $30,000 levels.
Altcoin Sherpa shared with his 166K followers on Twitter that Bitcoin will probably hit a bottom at around the $30,000 price level.
“BTC: the bottom is probably from here to $30,000. This is a high-volume node area. I would compare $30,000 to the infamous $6,000 level back in 2018 – if that one breaks, it’s ‘lights out,’ as we technical analyzers like to say.”
$BTC: The bottom is probably from here to 30k. This is a high volume node area. I would compare ~30k to the infamous 6k level back in 2018- if that one breaks, it's 'lights out', as we technical analyzors like to say. #Bitcoinpic.twitter.com/iElEGyOTto
High volume node refers to an area where a very large amount of volume has traded. These areas generally act as magnets in the market and when they are tested the market tends to slow or bog down in that area.
Back in the 2018 bear market, BTC rallied several times after hitting support at $6,000 only to break it towards the end of the year, after which it corrected down to $3,600 levels.
Altcoin Sherpa projects that Bitcoin will trade close to $30,000 before rising quite fast to $50,000 mark.
“I still truly believe we’re going to get decently higher than this current level; at a minimum some sort of bearish retest. I’ll still wait for those areas to derisk.
Could I dump everything now and expect lower? [Of course]…but I don’t exactly know where this bottom is at.”
I still truly believe we're going to get decently higher than this current level; at a minimum some sort of bearish retest. I'll still wait for those areas to derisk. Could I dump everything now and expect lower? Ofc…but I don't exactly know where this bottom is at. pic.twitter.com/NlVEncPI4L
According to the analyst, after Bitcoin hits bottom and starts ascending, altcoins would follow the trend and reverse the descending course.
“So if you’re deep underwater now, sorry to hear it. With that said, I think it’s very likely that many of these altcoins can go 2-3x from their bottoms in the coming weeks and make lower highs. I’ll be buying a lot more when I think that accumulation is happening and DCA (dollar cost average) in.”
So if you're deep underwater now, sorry to hear it. With that said, I think it's very likely that many of these altcoins can go 2-3x from their bottoms in the coming weeks and make lower highs. I'll be buying a lot more when I think that accumulation is happening and DCA in.
