Digital assets continue to show signs of strength as analyst Altcoin Sherpa remains bullish on the market. Despite concerns of a possible cycle top, Sherpa believes that the best macro environment in years, along with a pro-crypto US government, could fuel further upside in the space.
One key indicator for Sherpa is Bitcoin’s potential to hit a new all-time high with just one strong candle. Additionally, the consideration of establishing a strategic BTC reserve by nations and US states adds to the positive sentiment surrounding the market.
From a technical perspective, Bitcoin has been consolidating above $90,000 for months and is showing signs of expansion. Altcoins, especially the older ones, have been experiencing time-based capitulation, indicating the potential for a rally before the cycle ends.
Historical data also suggests that Q1 tends to be a bullish season for crypto, further supporting Sherpa’s optimistic outlook. Despite this, he acknowledges that we are no longer in the early stages of the cycle and advises a defensive approach at this stage.
While Sherpa believes there are still a few months of positive momentum left, he cautions that crypto bears have valid concerns, such as the lack of clear narratives and Bitcoin’s struggle to sustain rallies above $100,000.
As of the time of writing, Bitcoin is trading at $105,836, showcasing the continued resilience of the market. For those looking to stay updated on the latest developments in the crypto space, subscribing to email alerts and following key price actions on platforms like Twitter, Facebook, and Telegram can provide valuable insights.
In conclusion, the crypto market continues to show promise for further growth, with analysts like Altcoin Sherpa remaining optimistic about the potential for additional upside. It’s essential for investors to stay informed and cautious in their approach as the market dynamics evolve.