Crypto analyst Altcoin Sherpa recently made waves in the crypto community when he suggested that the Bitcoin bottom is not yet in. He mentioned in a post on social media that Bitcoin could potentially drop to $40,000, rather than the $50,000 mark that others have suggested. This could result in more volatility, liquidations, and overall pain for investors. Altcoin Sherpa predicted that Bitcoin’s price could range for the next one to four months, with temporary altcoin movements causing euphoria in the market.
Mikybull Crypto’s Counterargument
On the other hand, crypto analyst Mikybull Crypto offered a different perspective, arguing that the Bitcoin bottom is already in. Using the Elliot Wave Theory to analyze Bitcoin’s price action, Mikybull Crypto stated that the wave four macro correction is ending, with wave five potentially taking Bitcoin to $135,000 in the near future. He pointed to indicators such as the volatility index (VIX) and the Relative Strength Index (RSI) to support his claim that the macro bottom is in. Additionally, he mentioned factors like the Bank of Japan’s stance on rate hikes and Bitcoin’s funding rate being in negative territory as signs of a potential short squeeze.
Demystifying Institutional Accumulation
Cryptoquant’s CEO Ki Young Ju recently shed light on the movement of 404,448 BTC to permanent holder addresses in the past month, hinting at institutional accumulation. This suggests that institutional investors are actively bidding on Bitcoin rather than distributing it, leading to a potential increase in demand in the near future. However, it is crucial to note that institutional accumulation does not guarantee a price surge, as market dynamics are influenced by a multitude of factors.
The predictions about the Bitcoin bottom vary widely among crypto analysts, with Altcoin Sherpa forecasting further downside potential while Mikybull Crypto believes that the bottom is already in. It is essential for investors to conduct their research and consider various perspectives before making any investment decisions. The crypto market is highly volatile and unpredictable, making it crucial to stay informed and cautious when navigating the digital asset space. As the market continues to evolve, only time will tell which prediction proves to be accurate.
Leave a Reply