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Home»Analysis»Trader Warns Bitcoin Could Plunge Over 50% Before BTC Bottoms Out – Here’s the Timeline
Analysis

Trader Warns Bitcoin Could Plunge Over 50% Before BTC Bottoms Out – Here’s the Timeline

2023-03-16No Comments2 Mins Read
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A pseudonymous crypto trader warns that Bitcoin (BTC) may not have bottomed out yet despite an over 30% rally in a matter of days.

Altcoin Sherpa tells his 10,800 YouTube subscribers in a new video that Bitcoin could hit a new 2023 high of over $30,000 before tumbling by more than 50% to up to around $15,000.

“I think that price is going to trade lower, possibly in the $20,000s, possibly in the $15,000, $17,000s again. That was kind of my overall opinion.

I do believe that bottoms take a long time to form. Wouldn’t surprise me at all to see something like you know we go back up $30,000, $31,000, $35,000 I have no idea where it stalls out at. And then you know we start to trade down again and maybe we form some sort of like double bottom…”

Source: Altcoin Sherpa/ YouTube

According to the analyst, Bitcoin could alternatively retrace slightly before embarking on a rally if the macro conditions allow it.

“If macro is okay overall and inflation is dying down, like the Fed [Federal Reserve Bank] wants a soft landing, and we see like this overall just kind of soft landing, then I don’t think we dip this far maybe we just dip a little bit…

And then like just start printing out a bullish market structure. Higher highs, higher lows at that point and everything is just dandy.”

Bitcoin is worth $24,680 at time of writing.

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See also  Analyst Unveils Breakout Targets for Binance Coin (BNB), Chainlink (LINK), Arbitrum (ARB) and Injective (INJ)
Bitcoin Bottoms BTC Heres Plunge Timeline Trader warns
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tron
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bitcoin
Bitcoin (BTC) $ 118,146.65
ethereum
Ethereum (ETH) $ 3,814.73
xrp
XRP (XRP) $ 3.18
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 797.20
solana
Solana (SOL) $ 187.53
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.237066
staked-ether
Lido Staked Ether (STETH) $ 3,808.01
tron
TRON (TRX) $ 0.322237