According to Altcoin Sherpa, top-notch analyst, the overall market structure of Bitcoin hasn’t experienced significant changes. He believes that the market is either forming an unusual higher low or is in a consolidation phase, preparing for the next downward movement.
Altcoin Sherpa, a well-known trader, noted that a cluster of 1D EMAs are currently acting as resistance, with no clear changes observed in the market dynamics.
He expressed a neutral stance on the future price movements of Bitcoin, stating, “I don’t personally have a super strong opinion in regards to where price goes.” However, his intuition suggests a potential rise to 28k in the mid-term, but he emphasized the uncertainty surrounding this prediction.
Reflecting on the recent high established in mid-July, the famous Twitter analyst pointed out that it was an equal high from previous levels and not truly a Higher High, in his opinion. Altcoin Sherpa compared the current market situation to 2019, describing it as a “chop fest,” where a significant upward movement was followed by a slow grind down. He anticipates a similar slow grind down for the remainder of 2023, with prospects of favorable times in December/January, as traditionally observed.
In conclusion, Altcoin Sherpa’s analysis suggests a period of market consolidation and potential slow downward movement for Bitcoin, with a hint of optimism for the year-end. As a technical analysis expert, his insights provide valuable context to the ongoing market trends and potential future movements in the cryptocurrency landscape.
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