A Crypto Analyst Warns of a Potential Deeper Correction for Bitcoin
A well-known crypto analyst, Altcoin Sherpa, is cautioning that the recent pullback in Bitcoin’s price may be a sign of a more significant correction to come. According to the analyst, Bitcoin could experience another downward leg after its sudden retracement.
Bitcoin dropped to approximately $40,300 on various exchanges, including Binance and Coinbase, leading to a massive liquidation event worth $409.8 million.
Altcoin Sherpa believes that the pullback is not yet complete but still sees bullish signs for Bitcoin in the longer term. However, he advises having lower bids than expected due to the possibility of further price declines. Despite this cautionary note, Altcoin Sherpa maintains that the overall market sentiment remains positive and does not anticipate a breakdown at this stage.
The analyst suggests that Bitcoin is likely to consolidate once it establishes a local bottom before resuming its upward trend. If consolidation occurs, Altcoin Sherpa predicts a strong move in January.
Bitcoin’s Current Price and Conclusion
As of now, Bitcoin is trading at $41,706, experiencing a decrease of over 4% in the past 24 hours.
Hot Take: The Uncertain Path Ahead for Bitcoin
The recent pullback in Bitcoin’s price has raised concerns among crypto traders and analysts. Altcoin Sherpa’s warning about a potential deeper correction adds to the uncertainty surrounding Bitcoin’s short-term trajectory. While the market remains bullish overall, there are indications that further downward movement may occur before resuming an upward trend. Traders and investors should closely monitor Bitcoin’s price action and exercise caution during this period of volatility. As always, it’s essential to stay informed and make informed decisions based on thorough analysis and risk management strategies.
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