Crypto analyst Altcoin Sherpa recently stirred the cryptocurrency community with his bearish prediction regarding Bitcoin’s bottom. He suggested that the flagship cryptocurrency could still drop to new lows, possibly finding its bottom around the $40,000 range rather than $50,000. Altcoin Sherpa warned of “nasty wicks, liquidations, and pain” as Bitcoin struggles to maintain its price above the psychological level of $50,000. The analyst also projected a period of price ranging for Bitcoin over the next one to four months, with occasional altcoin movements causing temporary euphoria in the market.
In contrast to Altcoin Sherpa’s pessimistic view, crypto analyst Mikybull Crypto presented a bullish case for Bitcoin’s bottom being already in. Using the Elliot Wave Theory to analyze Bitcoin’s price action, Mikybull Crypto pointed to the ending of the wave four macro correction and the beginning of wave five, which could lead Bitcoin to a price target of $135,000 in the near future. The analyst also noted indicators such as the volatility index (VIX) and the Relative Strength Index (RSI) as signals of a macro bottom. Additionally, Mikybull Crypto highlighted the decrease in pressure on Japan’s carry trade due to the Bank of Japan’s stance on interest rates, as well as the negative funding rate and increasing trading volume of Spot Bitcoin ETFs as signs of institutional investors accumulating Bitcoin.
Cryptoquant’s CEO, Ki Young Ju, added to the discussion by revealing a substantial amount of Bitcoin being moved to permanent holder addresses over the past 30 days. Ju suggested that institutional investors are likely behind this accumulation of 404,448 BTC, indicating a growing interest from institutional players in the cryptocurrency space. This influx of institutional funds could potentially support Bitcoin’s price and contribute to the ongoing debate about whether the bottom is in or if further downside is to be expected.
As the crypto market continues to attract attention from both retail and institutional investors, the conflicting views of analysts like Altcoin Sherpa and Mikybull Crypto provide valuable insights into the ongoing price dynamics of Bitcoin. While some anticipate further price drops and volatility in the near term, others are optimistic about Bitcoin’s long-term growth potential and the involvement of institutional players in the market. Ultimately, only time will tell which perspective proves to be more accurate in predicting Bitcoin’s future price movements.