This Trader Sees Bitcoin Dropping To $40,000 And Still Be Fine: 'Expect Lower Prices But Don't Panic Sell'
Portfolio Pulse from Khyathi Dalal
Pseudonymous crypto trader Altcoin Sherpa predicts Bitcoin could drop to $40,000 without negating its overall bullish sentiment. Using a 'dropped ball' analogy, he explains that support levels weaken with each touch but maintains that the market remains bullish. He advises against panic selling, citing potential bullish catalysts ahead.
May 01, 2024 | 3:18 pm
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Altcoin Sherpa's analysis suggests Bitcoin could drop to $40,000 due to weakening support levels but remains bullish on its long-term prospects.
The prediction of a potential drop to $40,000 is based on the observation of weakening support levels, akin to a ball bouncing lower each time. However, the overall bullish sentiment is maintained due to the market's strong fundamentals and potential bullish catalysts such as upcoming elections and macroeconomic improvements.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100