Altcoin Sherpa, a well-known crypto analyst, has recently expressed his belief that the Bitcoin bottom has not been reached yet. According to him, there is still a possibility for the flagship cryptocurrency to drop even further, potentially hitting new lows. In a social media post, Altcoin Sherpa suggested that Bitcoin may find its bottom around the $40,000 range, rather than at the $50,000 level. This prediction comes with a warning of more volatility, liquidations, and market pain in the near future. The analyst also anticipates that Bitcoin’s price will continue to fluctuate over the next one to four months, with occasional bursts of excitement in the altcoin market.
Mikybull Crypto’s Contradicting View
On the other hand, another prominent crypto analyst, Mikybull Crypto, offered a contrasting perspective on the Bitcoin bottom. Utilizing the Elliot Wave Theory to analyze Bitcoin’s price trends, he argued that the wave four macro correction is coming to a close, signaling the potential for a significant uptrend in the near term. Mikybull Crypto projected a minimum target of $135,000 for Bitcoin in the coming months, based on his wave analysis. He also pointed to indicators such as the volatility index (VIX), the Relative Strength Index (RSI), and the Spot Bitcoin ETFs trading volume to support his claim that the Bitcoin bottom is already in. Additionally, he highlighted the ongoing accumulation of Bitcoin by institutional investors as a positive sign for the cryptocurrency market.
Expert Insights from Cryptoquant’s CEO
Adding to the debate, Cryptoquant’s CEO Ki Young Ju recently shared data indicating a significant uptick in Bitcoin movements to permanent holder addresses, suggesting strong accumulation by institutional investors. According to Ju, over 400,000 BTC have been transferred to long-term holding addresses in the past month alone. This data could potentially support Mikybull Crypto’s argument that institutional investors are confident in Bitcoin’s future prospects and are actively acquiring more coins.
The debate on the Bitcoin bottom continues to divide crypto analysts, with conflicting views on whether the cryptocurrency has already reached its lowest point or if further declines are still on the horizon. While Altcoin Sherpa warns of continued volatility and the possibility of a drop below $40,000, Mikybull Crypto remains bullish on Bitcoin’s outlook, projecting a significant price surge in the near future. Ultimately, investors should carefully consider the arguments presented by both analysts and conduct their own research before making any decisions in the volatile crypto market.
