As a seasoned crypto investor with over a decade of experience navigating the volatile waters of the digital asset market, I find myself intrigued by the conflicting opinions presented by Altcoin Sherpa and Mikybull Crypto regarding Bitcoin’s bottom.
According to Crypto expert Altcoin Sherpa, the lowest point of Bitcoin hasn’t been reached yet, and there’s a possibility it might fall even further. Contrastingly, analyst Mikybull Crypto believes the bottom has already been hit, and it’s unlikely for Bitcoin to dip below $50,000 again.
Bitcoin Bottom Is Likely At The $40,000 Range
Altcoin Guidance recently posted on X (previously known as Twitter) that Bitcoin might hit its lowest point around $40,000 instead of $50,000. This prediction implies a few more significant price dips, additional liquidations, and a touch more market turbulence as Bitcoin could potentially fall below the psychologically significant level of $50,000.
The analyst offered insights about potential developments in Bitcoin and the overall crypto market over the coming months, suggesting a possible price range for Bitcoin within the next one to four months. Meanwhile, Altcoin Sherpa forecasted temporary surges in altcoins, which he believes may excite market players.
Why The BTC Bottom Is In
As a researcher delving into the cryptocurrency market, I’ve recently come across an intriguing perspective from Mikybull Crypto. He posits that the bottom for Bitcoin has already been reached and it’s unlikely to fall below $50,000. Employing the Elliot Wave Theory, his analysis suggests that the wave four macro correction is wrapping up. Excitingly, he anticipates that wave five will propel Bitcoin towards a minimum target of $135,000 within the next few months.
Mikybull Crypto pointed out a surge in the Volatility Index (VIX), which typically indicates a significant low point in the overall market, similar to what occurred in 2020. He also emphasized the Relative Strength Index (RSI) as another useful tool indicating that this bottoming-out phase has already taken place. Additionally, he mentioned that the Bank of Japan’s promise of no more interest rate increases until market conditions improve has alleviated some stress on Japan’s carry trade.
To conclude, Mikybull Crypto pointed out that the funding rate for Bitcoin is currently negative, a situation that typically triggers a short squeeze. Furthermore, he noted that the trading volume of Spot Bitcoin ETFs has reached a new high, and large-scale investors (whales) have been consistently buying rather than selling over the past month, according to him, indicating that institutional investors are accumulating, not distributing their holdings in Bitcoin.
According to Cryptoquant’s CEO Ki Young Ju, about 404,448 Bitcoins have been transferred to long-term storage wallets in the last month. He speculates that these bitcoins might be accumulated by institutional investors. Moreover, he hinted that retail investors may regret not investing in Bitcoin now due to their fear of negative sentiment towards Bitcoin.
Currently, Bitcoin is being transacted approximately at $56,800, marking a rise of more than 2% within the past day, as indicated by data gathered from CoinMarketCap.
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2024-08-07 21:40