Bitcoin Facing These 'Compelling Mid-Term Bearish Cases,' Warns Trader
Portfolio Pulse from Khyathi Dalal
Crypto trader Altcoin Sherpa warns of mid-term bearish cases for Bitcoin, citing a rounded top formation, extended consolidation period, and different market structure compared to 2020. Despite potential drops to the $40,000-$50,000 range leading to significant market impacts, he remains bullish on Bitcoin's long-term prospects, suggesting a possible mania phase in Q4 2024. Factors like ETF inflows, macro conditions, and U.S. elections could influence market dynamics differently this cycle.
May 09, 2024 | 1:52 pm
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Altcoin Sherpa warns of potential mid-term bearish scenarios for Bitcoin, including a significant price drop, but remains optimistic about its long-term growth, predicting a mania phase in late 2024.
The trader's analysis suggests a bearish mid-term outlook based on current market structures and price action, indicating a potential drop in Bitcoin's price. However, the long-term bullish stance, coupled with the anticipation of a mania phase, suggests a recovery and significant growth thereafter. The mention of ETF inflows, macro conditions, and U.S. elections as influencing factors adds complexity to the prediction, indicating a nuanced view of Bitcoin's future price movements.
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