Altcoin Sherpa recently expressed a bearish view on Bitcoin, suggesting that the cryptocurrency’s bottom has not yet been reached. According to the analyst, Bitcoin could still drop to new lows, potentially finding support around the $40,000 range. Altcoin Sherpa mentioned the possibility of more price swings, liquidations, and overall market pain before Bitcoin stabilizes.
In contrast to Altcoin Sherpa’s bearish prediction, Mikybull Crypto presented a bullish outlook on Bitcoin’s price action. Using the Elliot Wave Theory, the analyst argued that Bitcoin’s wave four macro correction is ending, with wave five expected to propel the cryptocurrency to a minimum target of $135,000 in the near future. Mikybull Crypto also pointed to indicators such as the volatility index (VIX) and the Relative Strength Index (RSI) to support the claim that Bitcoin’s bottom is already in.
Mikybull Crypto highlighted several factors that could support Bitcoin’s upward movement. The assurance from the Bank of Japan regarding no further rate hikes until market stabilization has helped alleviate pressure on Japan’s carry trade. Additionally, the negative funding rate for Bitcoin could lead to a short squeeze, while the increasing trading volume of Spot Bitcoin ETFs and continuous whale accumulation suggest strong institutional investor interest in the cryptocurrency.
Cryptoquant’s CEO, Ki Young Ju, provided further insights into Bitcoin accumulation trends. Ju revealed that a significant amount of Bitcoin has been moved to permanent holder addresses in the past 30 days, indicating likely accumulation by institutional investors. This trend aligns with the notion that long-term holders are confident in Bitcoin’s future prospects.
While there are conflicting views on Bitcoin’s price trajectory, both Altcoin Sherpa and Mikybull Crypto offer valuable insights into the factors influencing the cryptocurrency market. As Bitcoin continues to experience volatility, market participants should carefully consider the various perspectives provided by crypto analysts to make informed investment decisions.
