On Friday, bitcoin price movement reached its lowest daily closing since January 24, 2022.
Until bulls decide to support BTC further, continued selling pressure and weakness are the most likely outcomes for Bitcoin.
With caution, a well-known crypto trader and analyst is expressing bullish optimism for Bitcoin (BTC).
Altcoin Sherpa, a pseudonymous crypto trader, says that he is “cautiously bullish” on Bitcoin, noting that corrections have historically accompanied BTC’s upward advances. If the critical support level between $36,000 and $37,000 is breached, Altcoin Sherpa’s bullish thesis will be invalidated.
The trader is “cautiously bullish” on Bitcoin till we lose $36,000 – $37,000 on high time frame charts, although it’s worth noting that each of these moves has been immediately retraced. Although he continues to expect that a rally to $50,000–$55,000 will occur before new lows.
The primary non-fungible token (NFT) in the Bored Ape Yacht Club collection is ApeCoin (APE). While laying out two possible scenarios for APE, Altcoin Sherpa claims that the primary token of the Bored Ape Yacht Club is more likely to break out of the current range than stay in it.
According to him, there are two possible outcomes: a V-shaped reversal to the $19–$20 range, followed by a price drop. The second is a longer-term high-time frame bottom, when the price fluctuates between $15 and $17 for a period of time.
Next up is LooksRare’s utility token, which is based on Ethereum (LOOKS). LOOKS is expected to appreciate by over 10% from present values, according to Altcoin Sherpa.
“LOOKS: I’m still in this trade, I bought at $1.75, $1.60, and $1.40. Should have bought a lot more at $1.40 but is what it is, a bit out of the loop in the market right now. I still think that this is going to the low $2s at a minimum. Will sell partial around there.”
The native token of the decentralized application platform Near Protocol completes Altcoin Sherpa’s list.
He believes traders should now reduce their positions in NEAR, citing a chart showing the token reaching a significant 0.5 Fibonacci barrier level while trading beneath the 200 moving average on the four-hour chart.