A popular crypto analyst and trader has recently predicted that Bitcoin (BTC), the largest cryptocurrency by market capitalization, could bounce harder than the expectation of most traders.
The pseudonymous trader identified on Twitter as Altcoin Sherpa told his YouTube subscribers that he thinks Bitcoin (BTC) could rally as high as $30,000 during the next upside trend.
Altcoin Sherpa noted:
“You’re really looking for potentially a bear market rally where price is going to potentially rally harder than you think.
“It could look like a move all the way up to $30,000. I don’t know if it has the strength to get up there, but it is a scenario that I’m viewing.”
We Are On Twitter: Follow Us
Altcoin Sherpa concludes his remarks by pinpointing $12,000 as a potential bear cycle low for Bitcoin, before adding that BTC’s price might ultimately be determined by the equities markets rather than its merits or demand alone:
“This last kind of bearish retest that we saw in late March, that was kind of the last real bearish retest that we saw. Everything else has just been consolidation, breakdown, consolidation, breakdown. Now we’re at consolidation.
We certainly could just see another breakdown to $12,000 or wherever. But there is going to be another bear market rally, I don’t know what it’s going to look like or how strong it’s going to be, but as I said it’s really going to largely depend on equities, in my opinion. That’s really just the nature of it, unfortunately.”