Bitcoin continues to trade around $94,000, which is 13% below its all-time high earlier this month. A renowned crypto analyst warns of insufficient strength in the monthly chart.
Trader’s Warnings
The pseudonymous trader Altcoin Sherpa shared with his 236,300 followers on the social media platform X that Bitcoin's monthly chart “doesn't look great but isn't in the worst position.” He predicted that BTC could continue trading between $99,000 and $92,000 until a new trend emerges.
Potential Scenarios
The analyst also predicted that Bitcoin might retest the $86,000 level before climbing towards a new all-time high of $111,000. He added that such movements could trigger a strong uptrend and an active altcoin season in the coming weeks.
Currently, Bitcoin is trading at $94,368, having fallen from the all-time high of $108,135 reached on December 17. Bitcoin holders are advised to remain cautious, considering the market's current state and expert warnings. Understanding support and resistance levels may be crucial in anticipating potential price movements.
