A prominent crypto trader is raising the alarm about Bitcoin as it sits around $94,000. The pseudonymous analyst known as Altcoin Sherpa recently shared insights with his 236,300 followers on the social media platform X, expressing concerns about the lack of momentum for Bitcoin. After experiencing a 13% drop from its most recent all-time high earlier this month, Sherpa remarked, “BTC monthly doesn’t look great but also not the worst. Neutral and still a few more days to go.”
According to Sherpa, Bitcoin seems poised to trade within a range of approximately $99,000 to $92,000 before a definitive trend takes shape. He urged caution, stating, “BTC don’t diddle in the middle. This is a poor place to open longs and shorts. Don’t get chopped.”
Focusing more closely on the situation, Sherpa indicated that should Bitcoin fail to maintain the $92,000 level as support, it might plummet to the $80,000 range. “One thing to note is that these support regions get weaker and weaker the more times they’re tapped. Still not calling for $80,000 or anything yet but it’s going to be important to see the reactions around this $92,000 region. For now, support is still support until shown otherwise.”
In an optimistic turn, the analyst proposed a scenario where Bitcoin might retrace to $86,000 before skyrocketing to a new all-time high of $111,000. “BTC still wouldn’t surprise me to see this type of move. Some weird price action over the next few weeks with despair followed by an absolute moon mission and killer alt season. I’m still max long for what it’s worth.”
As it stands, Bitcoin is trading at $94,368, a noticeable decline from its peak of $108,135 reached on December 17th.
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