Altcoin Sherpa, a well-known crypto analyst, has recently expressed a bearish view on Bitcoin’s price trajectory. He believes that the Bitcoin bottom has not been reached yet and that the flagship cryptocurrency could potentially drop to new lows. According to Sherpa, Bitcoin is more likely to find its bottom around the $40,000 range, rather than $50,000. This prediction comes with a warning of more market turbulence, liquidations, and pain for investors as Bitcoin struggles to maintain support levels.
On the other hand, crypto analyst Mikybull Crypto has a more optimistic outlook on Bitcoin’s price movement. Using the Elliot Wave Theory to analyze the cryptocurrency’s price action, Mikybull Crypto suggests that the wave four macro correction is coming to an end. He anticipates that wave five will propel Bitcoin towards a minimum target of $135,000 in the coming months. Additionally, he points to indicators like the volatility index (VIX), Relative Strength Index (RSI), and the Bank of Japan’s policies as signals that the macro bottom is already in for Bitcoin.
Another interesting insight comes from Cryptoquant’s CEO, Ki Young Ju, who recently noted a significant increase in Bitcoin holdings by institutional investors. Over the past 30 days, 404,448 BTC have been transferred to permanent holder addresses, suggesting a strong accumulation trend among institutions. This data aligns with Mikybull Crypto’s observations of whale accumulation and increased trading volume in Spot Bitcoin ETFs, indicating a favorable sentiment towards Bitcoin from institutional investors.
The contrasting views of Altcoin Sherpa and Mikybull Crypto present intriguing perspectives on Bitcoin’s future price movements. While Altcoin Sherpa anticipates further downside potential for Bitcoin, Mikybull Crypto remains optimistic about a bullish breakout towards $135,000. The underlying market dynamics, institutional activity, and technical indicators point towards a divergence in opinions among crypto analysts. Ultimately, only time will tell which prediction will hold true for Bitcoin’s price trajectory in the coming months.
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