A widely followed crypto strategist and trader says that a Bitcoin (BTC) bottom is in sight while predicting rallies for altcoins in the coming weeks.
Pseudonymous trader Altcoin Sherpa tells his 165,900 Twitter followers that he believes Bitcoin will very likely carve out a bottom around the $30,000 price level.
“BTC: the bottom is probably from here to $30,000. This is a high-volume node area. I would compare $30,000 to the infamous $6,000 level back in 2018 – if that one breaks, it’s ‘lights out,’ as we technical analyzers like to say.”
During the 2018 bear market, Bitcoin rallied multiple times after hitting support at $6,000 only to breach that level toward the end of the year and igniting a correction down to around $3,600.
In the coming days, Altcoin Sherpa predicts Bitcoin will trade close to $30,000 before igniting a steep rally to $50,000.
“I still truly believe we’re going to get decently higher than this current level; at a minimum some sort of bearish retest. I’ll still wait for those areas to derisk.”
While Bitcoin bottoms out and reverses its trend, the crypto strategist says that altcoins will eventually follow BTC’s lead.
“So if you’re deep underwater now, sorry to hear it. With that said, I think it’s very likely that many of these altcoins can go 2-3x from their bottoms in the coming weeks and make lower highs. I’ll be buying a lot more when I think that accumulation is happening and DCA (dollar cost average) in.”
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia