Trader Says Bitcoin (BTC) Set To Rally in the Medium Term – But There’s a Catch
A closely followed crypto strategist believes that Bitcoin (BTC) is likely going to surge significantly in the midterm.
Pseudonymous analyst Altcoin Sherpa tells his 192,400 Twitter that a burst to the upside is in the cards for Bitcoin, but first, he predicts a dip for the king crypto.
“BTC: my area of interest is $21,500. Right near the 200-day EMA [exponential moving average] and getting more in the HVN [high volume node] area. Price can still retrace 15% in these conditions and still move higher overall. I still believe we’re going to $30,000 eventually in the midterm.”
Source: AltcoinSherpa/Twitter
HVNs are price areas where relatively large amounts of trading volume took place, suggesting periods of consolidation that either act as support or resistance.
Should Bitcoin follow Altcoin Sherpa’s script, the king crypto could decline to the $21,500 price level first before recovering and rallying to $30,000, suggesting an upside potential of nearly 40% for BTC.
Bitcoin is trading for $23,082 at time of writing.
Meanwhile, another analyst is warning that many traders are currently getting chopped up in the crypto markets.
Pseudonymous trader Altcoin Psycho tells his 491,200 followers that profits were easy to come by in January with crypto market rallies, but February brought unclear market conditions.
“After almost a full month, BTC is still at the same level as the February. Monthly Open. Late bears and bulls alike have been punished by chop.”
Source: Altcoin Psycho/Twitter
Generated Image: Midjourney
