As Bitcoin continues to hover around $94,000, a well-known crypto strategist and trader is sounding the alarm about the flagship cryptocurrency’s current position in the market.
Altcoin Sherpa, a pseudonymous crypto trader with a substantial following on X, recently shared insights with his 236,300 followers regarding Bitcoin’s performance on the monthly chart. He noted that Bitcoin is showing signs of weakness after experiencing a 13% decline from its recent all-time high.
“BTC monthly doesn’t look great but also not the worst. Neutral and still a few more days to go.”
Altcoin Sherpa also expressed concerns that Bitcoin could remain within a range of $99,000 to $92,000 before showing a clear trend in either direction.
“BTC don’t diddle in the middle. This is a poor place to open longs and shorts. Don’t get chopped.”
Looking ahead, Altcoin Sherpa suggested that if Bitcoin fails to maintain support at the $92,000 level, it could potentially revisit 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.”
Furthermore, Altcoin Sherpa outlined a potential scenario where Bitcoin could retest the $86,000 range before surging 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.”
At the time of writing, Bitcoin is trading at $94,368, down from its recent peak of $108,135 recorded on December 17th.
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