Crypto analyst Altcoin Sherpa recently expressed his belief that the Bitcoin bottom has not been reached yet. He suggested that Bitcoin could still drop to new lows, emphasizing that it is more likely to find support around the $40,000 range rather than $50,000. Altcoin Sherpa foresees a period of more volatility and potential liquidations before the flagship cryptocurrency stabilizes. He also predicted that Bitcoin’s price could range for the next one to four months, with intermittent altcoin movements causing excitement among traders.
On the other hand, analyst Mikybull Crypto offered a contrasting view, arguing that the Bitcoin bottom is already in. By utilizing the Elliot Wave Theory to analyze Bitcoin’s price action, Mikybull Crypto pointed out that the chart indicates the end of a wave four correction, with wave five expected to propel Bitcoin to at least $135,000 in the coming months. The analyst cited the volatility index, the Relative Strength Index, and the Bank of Japan’s monetary policy as supporting factors for his bullish outlook on Bitcoin. Additionally, Mikybull Crypto highlighted the negative funding rate and the increased trading volume of Spot Bitcoin ETFs as indicators of institutional investor interest in Bitcoin.
In a related development, Cryptoquant’s CEO Ki Young Ju disclosed that a significant amount of Bitcoin has been transferred to permanent holder addresses in the past month. This accumulation of 404,448 BTC suggests that institutional investors are actively acquiring Bitcoin, possibly indicating confidence in the cryptocurrency’s long-term prospects. The data provided by Ki Young Ju aligns with Mikybull Crypto’s analysis, reinforcing the notion that institutional players are positioning themselves for a potential surge in Bitcoin’s price.
The debate over whether the Bitcoin bottom has been reached continues among crypto analysts. Altcoin Sherpa’s cautionary stance underscores the lingering uncertainty in the market, while Mikybull Crypto’s optimistic assessment highlights the potential for a significant price rally. As investors navigate this complex landscape, monitoring key indicators and institutional activity will be crucial in determining the future trajectory of Bitcoin.