Bitcoin Analyst Predicts a 40 Percent Rise in Price Despite the Decline

A popular cryptocurrency analyst on social media expects the Bitcoin price to rise by more than 40%.

The analyst, known as Altcoin Sherpa on social media, thinks that the price of Bitcoin (BTC) will rise above $100,000 this year.

Stuck between two levels

Pointing out that Bitcoin has remained between two levels for a long time, the analyst said that at the bottom point it reached $56,000; At the top, it pointed to an all-time record level of $73,600.

“Everything that happens inside this zone [between $56,000-$73,600] is just hullabaloo,” Altcoin Sherpa said. “We are still moving down and are bullish on the higher time frame and bearish on the short time frame,” the analyst said.

Bitcoin and altcoin prices fell yesterday after the Fed announced its decision. Altcoin Sherpa:

“If the bottom was made yesterday, we will see the price fall and jump in the next 1-3 days. "If it's going to fall further, I think there will be a strong downward move in the next 12-48 hours."

What awaits the altcoin market?

According to Altcoin Sherpa, the performance of the altcoin market will be closely linked to that of Bitcoin.

“The situation looks bad in the short term, but I think strong altcoins will make a big run once Bitcoin breaks its all-time record,” the analyst said. I have no idea. But I believe BTC will do this within the next six months. And when altcoins finally bounce, it will be the strongest altcoins that move the hardest,” he said.