A widely followed crypto strategist and trader is issuing a warning about Bitcoin as BTC hovers around $94,000.
Pseudonymous crypto trader Altcoin Sherpa tells his 236,300 followers on the social media platform X that Bitcoin is lacking strength on the monthly chart after falling about 13% from its all-time high witnessed earlier this month.
“BTC monthly doesn’t look great but also not the worst. Neutral and still a few more days to go.”
Source: Altcoin Sherpa/X
The analyst also warns that Bitcoin could continue to trade in a range between about $99,000 and $92,000 before a new trend emerges in either direction.
“BTC don’t diddle in the middle. This is a poor place to open longs and shorts. Don’t get chopped.”
Source: Altcoin Sherpa/X
Zooming in, the analyst believes that if Bitcoin fails to hold the $92,000 range as support, the flagship crypto may revisit the $80,000 range.
“One thing to note is that these support regions get weaker and weaker the more times they’re tapped. Still not calling for $80,000 or anything yet but it’s going to be important to see the reactions around this $92,000 region. For now, support is still support until shown otherwise.”
Source: Altcoin Sherpa/X
Lastly, the analyst lays out one possible scenario where Bitcoin retests the $86,000 range before soaring to a new all-time high of $111,000.
“BTC still wouldn’t surprise me to see this type of move. Some weird price action over the next few weeks with despair followed by an absolute moon mission and killer alt season. I’m still max long for what it’s worth.”
Source: Altcoin Sherpa/X
Bitcoin is trading for $94,368 at time of writing, down from its all-time high of $108,135 which it hit on December 17th.
Generated Image: Midjourney
