Altcoin Sherpa, a prominent crypto analyst, recently expressed his belief that the Bitcoin bottom has not yet been reached. He mentioned in a social media post that Bitcoin could potentially drop to the $40,000 range, causing further pain for investors. Altcoin Sherpa predicted a period of consolidation for Bitcoin in the coming months, with intermittent altcoin rallies leading to market excitement.
On the other hand, crypto analyst Mikybull Crypto presented a different perspective, arguing that the Bitcoin bottom has already been established. Using the Elliot Wave Theory to analyze Bitcoin’s price trajectory, he pointed out that the wave four macro correction is coming to an end, setting the stage for a substantial upward movement to $135,000. Mikybull Crypto also highlighted indicators such as the volatility index, the Relative Strength Index (RSI), and the negative funding rate as signs of a bullish trend.
Another significant development in the crypto market is the increase in Bitcoin accumulation by institutional investors. Cryptoquant’s CEO, Ki Young Ju, reported a substantial inflow of 404,448 BTC into permanent holder addresses over the past month. This trend suggests that institutional investors are actively acquiring Bitcoin, possibly indicating confidence in the digital asset’s long-term prospects.
Despite differing opinions on the Bitcoin bottom, market participants are closely monitoring factors such as market volatility and regulatory developments. The spike in the volatility index and the Bank of Japan’s stance on interest rates are seen as potential catalysts for market movement. Additionally, the emergence of Spot Bitcoin ETFs and sustained whale accumulation further underscore institutional interest in the cryptocurrency space.
The debate on whether the Bitcoin bottom has been reached or not remains ongoing in the crypto community. While Altcoin Sherpa warns of a potential drop to $40,000, Mikybull Crypto paints a more optimistic picture of a bullish trend towards $135,000. With institutional investors showing heightened interest in Bitcoin and market indicators pointing in different directions, the future trajectory of the flagship cryptocurrency is still uncertain. Investors and analysts alike will continue to closely monitor market developments to gauge the next market moves.
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