A pseudonymous crypto trader warns that Bitcoin (BTC) may not have bottomed out yet despite an over 30% rally in a matter of days.
Altcoin Sherpa tells his 10,800 YouTube subscribers in a new video that Bitcoin could hit a new 2023 high of over $30,000 before tumbling by more than 50% to up 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
According to the analyst, Bitcoin could alternatively retrace slightly before embarking on a rally if the macro 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.”
Bitcoin is worth $24,680 at time of writing.
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This article has been originally published at: https://dailyhodl.com/2023/03/16/trader-warns-bitcoin-could-plunge-over-50-before-btc-bottoms-out-heres-the-timeline/