Big Move is Coming Crypto Analyst Reveals Bitcoin Forecast as BTC Consolidates at $30,000

[ad_1]

A widely followed crypto analyst says that Bitcoin (BTC) is likely in the midst of a long consolidation process that will eventually lead to a big upward move.

Pseudonymous Altcoin trader Sherpa tells his 196,100 Twitter followers that it could be around eight months before Bitcoin’s next bull run.

I wanted to take a longer view to see where things stand on a macro level; I think most of 2023 will be pretty hectic. We had a good progression of course, but there will be weeks/months of consolidation.

The trader says Bitcoin price action on the weekly chart looks bullish, sitting above its major exponential moving averages (EMAs), much like in 2019.

We can see over the week, all EMAs are regrouping and tightening. This usually means the price is compressing and a big move is brewing; it is also important to see that the price is primarily in the EMAs and bullish for the first time in a year. Reminds me a bit of 2019.

Source: Sherpa/Twitter

Sherpa says that during a multi-month consolidation phase, Bitcoin could trade in a wide range between an upper bound of $40,000 and a lower bound of $15,000.

It wouldn’t surprise me at all to see a pattern ranging from around $35,000 to $40,000 as the highs and $15,000 to $20,000 as the lows. I could see a lot of chopping and consolidation by the end of 2023 and hopefully we will start to see bullish moves by the start of 2024.

Source: Sherpa/Twitter

The trader predicts that smaller bitcoin and altcoin rallies will occur leading to a sustained bull run for the leading crypto asset by market capitalization in early 2024.

There will be a lot of strong performance by then, but I think it will take at least another six to eight months before we see any sort of full-fledged bull market (and maybe even longer). Well, have mini altszns (altcoin seasons) similar to what they were in 2019.

But I don’t see it as a huge casino where retail is fully present for a bit longer. Better to save some money and trade/invest in the environments you like and probably just touch the grass and enjoy the summer in other ways. Don’t lose all your money before the bull market arrives.

Bitcoin is trading at $30,270 at the time of writing, down 0.1% in the past 24 hours.

Don’t miss a beat Subscribe to receive email alerts straight to your inbox Check the price action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest headlines Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/WhiteBarbie/Taves

[ad_2]