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Home»Analysis»Trader issues Bitcoin warning, says BTC ‘doesn’t look great’ after double-digit percentage decline from all-time high
Analysis

Trader issues Bitcoin warning, says BTC ‘doesn’t look great’ after double-digit percentage decline from all-time high

2024-12-28No Comments2 Mins Read
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A widely followed crypto strategist and trader warns against Bitcoin as BTC hovers around $94,000.

Pseudonymous crypto trader Altcoin Sherpa tells According to its 236,300 followers on social media platform

“BTC monthly doesn’t look great, but not the worst either. Neutral and still a few days to go.”

Image
Source: Altcoin Sherpa/X

The analyst too warns that Bitcoin could continue to trade in a range between around $99,000 and $92,000 before a new trend emerges in either direction.

“BTC does not play in the middle. This is a bad place to open longs and shorts. Don’t let yourself be cut off.”

Image
Source: Altcoin Sherpa/X

Zoom in, the analyst believes that if Bitcoin fails to hold the $92,000 range as support, the flagship crypto could revisit the $80,000 range.

“One thing to note is that these support regions become weaker and weaker the more they are used. There’s still no talk of $80,000 or anything like that, but it will be important to see the reaction around this $92,000 region. For now, support is still support until proven otherwise.”

Image
Source: Altcoin Sherpa/X

Finally, the analyst outlines a possible scenario in which Bitcoin retest the $86,000 range before rising to a new all-time high of $111,000.

“It still wouldn’t surprise me if BTC saw these kinds of moves. Some weird price action in the coming weeks with desperation, followed by an absolute moon mission and a killer alt season. I’m still max tall for what it’s worth.

Image
Source: Altcoin Sherpa/X

Bitcoin is trading at $94,368 at the time of writing, down from the all-time high of $108,135 it reached on December 17.

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alltime Bitcoin BTC decline Doesnt doubledigit Great high Issues Percentage trader Warning
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