Altcoin Sherpa Predicts Bitcoin’s Potential Trajectory Towards New All-Time Highs
Cryptocurrency trader Altcoin Sherpa has shared his insights on Bitcoin’s potential trajectory, predicting new all-time highs for the crypto king in the near future. In a recent tweet, Altcoin Sherpa warned of a possible dip in Bitcoin’s value to $53,000 if its high time frame closes below $60,000, which could also lead to a significant drop in altcoin prices by more than 50%.
Despite the short-term caution, Altcoin Sherpa remains optimistic about Bitcoin’s long-term prospects, stating that the cryptocurrency will break all-time highs later this year. He advised traders to avoid leverage unless they are experienced or looking to improve their skills, and instead focus on research and learning as a major portion of the crypto market is currently down by over 50%.
The current market volatility has prompted Altcoin Sherpa to advise patience and confidence, suggesting a dollar-cost average strategy for traders interested in specific projects. He emphasized the importance of diversifying investments and not putting all buys in one area unless actively trading.
In the past 24 hours, Bitcoin long liquidations have totaled $72.54 million, with $25 million of short positions liquidated. Bitcoin Derivatives Data Analysis shows an 11.5% increase in trading volume over the same period.
Despite the recent price dip, data from IntoTheBlock shows a 2.1% surge in daily active addresses for Bitcoin and a 41.7% increase in large transaction volumes, reaching $59.2 billion. The number of transactions greater than 100,000 spiked to 11,709 on April 15, up from 7,535 on April 14, with 86% of Bitcoin holders currently in profit.
Looking ahead, the influence of Bitcoin as an institutional asset class will be a key topic at Benzinga’s upcoming Future of Digital Assets event on Nov. 19. Altcoin Sherpa’s insights provide valuable guidance for traders navigating the current market conditions and anticipating potential price movements in the cryptocurrency space.
