Top Analyst Predicts Slow Bleed Down for Bitcoin, But Potential Upswing by Year End

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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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!