Bitcoin $94,486.3While trading near $94,000, a well-known crypto strategist and trader notes that BTC is experiencing a lack of strength on the monthly chart. This decline marks a decline of approximately 13% from the all-time high reached earlier in the month.
Strategist’s Warnings
Bitcoin’s monthly chart “doesn’t look great, but it’s not at its worst either,” pseudonymous trader Altcoin Sherpa told his 236,300 followers on social media platform X. He also warned that BTC could continue trading between around $99,000 and $92,000 until a new trend is established.
“BTC isn’t looking great on a monthly basis, but it’s not in the worst shape either. “Neutral and still a few days away.” – Altcoin Sherpa
The analyst noted that if Bitcoin fails to maintain the $92,000 support, the leading cryptocurrency could revisit the $80,000 range. He emphasized that support zones weaken if they are tested repeatedly.
“These support zones become weaker the more they are tested. “For now, support is still valid until support is proven at cost.” – Altcoin Sherpa
Possible Scenarios
Finally, the analyst predicts that Bitcoin could retest the $86,000 level and then rally towards a new all-time high of $111,000. In this scenario, it is stated that there may be fluctuations in price movements in the next few weeks.
“I wouldn’t be surprised to see this kind of movement. There could be an absolute uptick and impactful subseason following the desperation in the next few weeks. For what it’s worth, I’m keeping my position as long as possible.” – Altcoin Sherpa
Bitcoin is currently trading at $94,368, down from its all-time high of $108,135 reached on December 17.
Bitcoin investors are advised to be careful, taking into account the current situation of the market and expert warnings. Considering support and resistance levels can be important in understanding possible price movements.
Bitcoin’s future performance may depend on market dynamics and general economic conditions. Investors’ evaluation of technical analysis and fundamental factors can help them make informed decisions.
The fact that Bitcoin is hovering around $94,000 is a cause for concern for some experts. Testing support levels and possible scenarios can play a critical role in determining the direction of the market. Investors should be wary of market fluctuations and adjust their strategies accordingly.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
