Bitcoin Price Analysis: Is $92,000 the Key Level to Watch?
As Bitcoin hovers around $94,000, a well-known crypto strategist and trader is issuing a cautionary note about the flagship cryptocurrency. Altcoin Sherpa, a pseudonymous trader with a large following on X, recently shared insights on Bitcoin’s current price action.
According to Altcoin Sherpa, Bitcoin is showing signs of weakness on the monthly chart, with a 13% decline from its recent all-time high. The trader believes that Bitcoin is currently in a neutral position, but there is still uncertainty in the market.
Altcoin Sherpa warns that Bitcoin could continue to trade in a range between $99,000 and $92,000 in the near term. The trader advises against opening new long or short positions at this level, as the market could be choppy.
Zooming in on the $92,000 support level, Altcoin Sherpa suggests that if Bitcoin fails to hold this level, it could revisit the $80,000 range. The trader emphasizes that repeated testing of support levels weakens them over time, making it crucial to monitor Bitcoin’s reaction around $92,000.
Looking ahead, Altcoin Sherpa outlines a possible scenario where Bitcoin retests the $86,000 range before rallying to a new all-time high of $111,000. The trader expects some unusual price action in the coming weeks, potentially leading to a strong uptrend and a thriving altcoin season.
At the time of writing, Bitcoin is trading at $94,368, down from its peak of $108,135. Altcoin Sherpa remains bullish on Bitcoin’s long-term prospects, despite the current market conditions.
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