Trader Warns Bitcoin May Fall 50% Before Bottoming Out
A crypto trader with a fake name says that Bitcoin (BTC) may not have hit bottom yet, even though its price has gone up by more than 30% in just a few days.
In a new YouTube video, Altcoin Sherpa tells his 10,800 subscribers that Bitcoin could reach a new high of over $30,000 in 2023 before falling by more than 50% to around $15,000.
“I think that price is going to trade lower, possibly in the $20,000s, possibly in the $15,000, $17,000s again. That was kind of my overall opinion.
I do believe that bottoms take a long time to form. Wouldn’t surprise me at all to see something like you know we go back up $30,000, $31,000, $35,000 I have no idea where it stalls out at. And then you know we start to trade down again and maybe we form some sort of like double bottom…”
Source: Altcoin Sherpa/ YouTube
The analyst says that Bitcoin could also take a small step back before starting a rally, if the macroeconomic conditions allow it.
“If macro is okay overall and inflation is dying down, like the Fed [Federal Reserve Bank] wants a soft landing, and we see like this overall just kind of soft landing, then I don’t think we dip this far maybe we just dip a little bit…
And then like just start printing out a bullish market structure. Higher highs, higher lows at that point and everything is just dandy.”
At the time of writing, one Bitcoin is worth $24,680.
