Crypto Trader Says Bitcoin Will Drop Over 50% After Reaching This Critical Level
By Benzinga
Despite Bitcoin’s (CRYPTO: BTC) recent rally where it breached $26,000 in the past few days, a pseudonymous trader has warned that the bottom may not yet have been reached.
What Happened: In a YouTube video posted on Wednesday, Altcoin Sherpa predicted that Bitcoin could reach $30,000, before falling by up to 50% and coming down to $15,000-levels.
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According to the trader, the price of Bitcoin is heading lower towards $20,000 or even the $15,000s or $17,000s.
“I do believe that bottoms take a long time to form. Wouldn’t surprise me at all to see something like you know we go back up $30,000, $31,000, $35,000, I have no idea where it stalls out at. And then you know we start to trade down again and maybe we form some sort of like double bottom,” he said in the video.
Altcoin Sherpa said Bitcoin could potentially retreat slightly if the macro conditions become conducive. That could be the first step toward a bullish rally, should the Fed's aim of a soft landing become reality.
“And then like just start printing out a bullish market structure. Higher highs, higher lows at that point and everything is just dandy."
Price Action: At the time of writing, BTC was trading at $24,651, down 0.80% in the last 24 hours, according to Benzinga Pro data.
