• Crypto analyst Altcoin Sherpa has revealed his Bitcoin (BTC) forecast, predicting a big move to the upside following an 8 month consolidation period.
• The trader predicts that BTC will trade in a wide range between $15,000 and $40,000 during this period of consolidation and that smaller rallies will occur leading up to a sustained bull market run for BTC in early 2024.
• Bitcoin is currently trading at around $30,270 and Sherpa advises investors to save cash and trade/invest in environments they like instead of over-trading during this period of consolidation.
Crypto Analyst Predicts Big Move Coming For Bitcoin
A widely followed crypto analyst says that Bitcoin (BTC) is likely in the middle of a long consolidation process which will ultimately lead to a big move to the upside. Pseudonymous trader Altcoin Sherpa tells his 196,100 Twitter followers that it could be about eight months before the next Bitcoin bull run.
Price Action on Weekly Timeframe Chart Looking Bullish
The trader says that Bitcoin’s price action on the weekly time-frame chart is looking bullish, sitting above its major exponential moving averages (EMAs), much like it did back in 2019.
Consolidation Could Lead to Ranging Structure Between $15K-$40K
Sherpa says that during this months-long consolidation phase, Bitcoin could trade in a wide range between an upper bound of $40,000 and a lower bound of $15,000.
Mini Altcoin Seasons Before Full Bull Market Run
The trader predicts that smaller Bitcoin and altcoin rallies will occur leading up to a sustained bull market run for the top crypto asset by market cap sometime in early 2024.
Advice To Save Cash During Consolidation Period
Sherpa advises investors to save cash and trade/invest in environments they like instead of over-trading during this period of consolidation.
