Here’s What’s Next for Bitcoin As BTC Struggles Below $50,000, According to Top Crypto Analyst

A well-liked crypto analyst and dealer is mapping out what’s subsequent for Bitcoin because the main crypto asset continues to commerce beneath $50,000.

In a brand new technique session, Altcoin Sherpa says that he’s taking a look at two prospects that would dictate Bitcoin’s (BTC) long-term development.

“A lower high is almost [certain]. It’s almost inevitable like we’re going to hit some sort of lower high… compared to the $70,000 area and after that, if we hit a lower low, that’s when I’m very bearish. If we hit some sort of higher low, then I am bullish.”

The decrease excessive setup that the analyst alludes to suggests a rally wanting pushing Bitcoin above the $69,000 space, whereas a decrease low signifies that BTC will take out the important price degree round $42,000.

According to Altcoin Sherpa, he expects Bitcoin to rally to $58,000 earlier than printing a bullish greater low setup round $47,000 and persevering with its uptrend to new file highs.

“For now, the overall bullish market structure still is intact to me. Barring some unforeseen circumstances in the macro environment, then I still believe Bitcoin is still bullish.”

Although the crypto strategist stays long-term bullish on BTC, he doesn’t count on the main crypto asset to make massive strikes anytime quickly.

“So what do I view for the price action of Bitcoin over the next few weeks? I think that we just chop. I mean after you see a big, big move down… generally, it takes a while for bottoms to form. Generally speaking, the bigger the move down, the more consolidation is needed.”


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Featured Image: Shutterstock/Natalia Siiatovskaia/DEYASA_346

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