Crypto analyst Altcoin Sherpa has recently expressed his belief that the bottom for Bitcoin has not yet been reached, hinting that the flagship cryptocurrency might still experience further declines. In contrast, other analysts, such as Mikybull Crypto, argue that Bitcoin’s bottom is already established, suggesting it is unlikely to fall below $50,000 again. Altcoin Sherpa suggested in a post on X (formerly Twitter) that Bitcoin is more likely to bottom out around the $40,000 range instead of $50,000. He noted that this scenario implies experiencing more “nasty wicks, liquidations, and some pain” as Bitcoin could still dip below the psychological $50,000 threshold. These remarks came as Altcoin Sherpa shared his perspective on Bitcoin’s potential movements over the next few months. He anticipates that Bitcoin’s price will fluctuate within a range for the coming one to four months and predicts fleeting spurts of altcoin activities that could temporarily excite market participants. On the other hand, Mikybull Crypto presents a contrasting viewpoint, explaining why he believes Bitcoin’s bottom is already in place. He uses the Elliot Wave Theory to evaluate Bitcoin’s price movements, indicating that the wave four macro correction is concluding, and wave five is poised to propel Bitcoin to a minimum target of $135,000 in the forthcoming months. Mikybull Crypto also referenced the spike in the Volatility Index (VIX), which he asserts typically signals a macro bottom, akin to what occurred in 2020. He highlighted the Relative Strength Index (RSI) as another indicator demonstrating that the macro bottom is established. Additionally, he mentioned that the Bank of Japan’s stance of no further rate hikes until market stabilization has alleviated pressure on Japan’s carry trade. Further, Mikybull Crypto pointed out that Bitcoin’s funding rate remains in negative territory, typically leading to a short squeeze. He observed that the trading volume for Spot Bitcoin ETFs has surged to new heights and noted continued whale accumulation over the past thirty days, indicating institutional investors are buying rather than selling. Supporting this view, Cryptoquant’s CEO Ki Young Ju revealed that 404,448 BTC have been transferred to permanent holder addresses in the last thirty days, suggesting institutional investors are accumulating these bitcoins. He added that retail investors might regret not purchasing Bitcoin due to the prevailing bearish sentiment around the cryptocurrency. As of the time of writing, Bitcoin is trading around $56,800, a more than 2% increase in the past 24 hours, according to CoinMarketCap data.
