A closely followed crypto strategist believes that Bitcoin (BTC) is likely to rise significantly in the medium term.
Altcoin Sherpa pseudonym analyst it says his 192,400 Twitter that an upside boom is in the cards for Bitcoin, but first, he predicts a downturn for the crypto king.
“BTC: My interest area is $21,500. Right near the 200-day EMA (exponential moving average) and getting more into the HVN area (high volume node). Price can still pull back 15% under these conditions and still rise higher overall. I still believe we will reach $30,000 mid-term.”
HVNs are price areas where relatively large amounts of trading volume have occurred, suggesting periods of consolidation that act as support or resistance.
If Bitcoin follows Altcoin Sherpa’s roadmap, the crypto king could drop to the $21,500 price level before bouncing back to $30,000, suggesting nearly 40% upside potential for BTC.
Bitcoin is trading for $23,082 at the time of writing.
Meanwhile, another analyst is warning that many traders are being cut off in cryptocurrency markets.
Altcoin Psycho pseudonymous trader it says his 491,200 followers that profits were easy to make in January with the cryptocurrency market’s rallies, but February brought unclear market conditions.
“After almost a full month, BTC is still at the same level as February. Open Monthly. Late bears and bulls were punished with chop.
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Disclaimer: Opinions expressed in The Daily Hodl are not investment advice. Investors should do due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.
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