A widely followed crypto strategist and trader warns against Bitcoin as BTC hovers around $94,000.
Pseudonymous crypto trader Altcoin Sherpa tells According to its 236,300 followers on social media platform
“BTC monthly doesn’t look great, but not the worst either. Neutral and still a few days to go.”
The analyst too warns that Bitcoin could continue to trade in a range between around $99,000 and $92,000 before a new trend emerges in either direction.
“BTC does not play in the middle. This is a bad place to open longs and shorts. Don’t let yourself be cut off.”
Zoom in, the analyst believes that if Bitcoin fails to hold the $92,000 range as support, the flagship crypto could revisit the $80,000 range.
“One thing to note is that these support regions become weaker and weaker the more they are used. There’s still no talk of $80,000 or anything like that, but it will be important to see the reaction around this $92,000 region. For now, support is still support until proven otherwise.”
Finally, the analyst outlines a possible scenario in which Bitcoin retest the $86,000 range before rising to a new all-time high of $111,000.
“It still wouldn’t surprise me if BTC saw these kinds of moves. Some weird price action in the coming weeks with desperation, followed by an absolute moon mission and a killer alt season. I’m still max tall for what it’s worth.
Bitcoin is trading at $94,368 at the time of writing, down from the all-time high of $108,135 it reached on December 17.
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Generated image: Midjourney