An expert cryptocurrency analyst and trader, known as Altcoin Sherpa, predicts that Bitcoin (BTC) could surge to six figures in the near future. With a following of 217,000 on X, Altcoin Sherpa suggests that Bitcoin may surpass $100,000 “later this year,” representing a potential increase of 48% from its current value.
Altcoin Sherpa observes that Bitcoin is currently trading between $56,000 and its all-time high of $73,600, dismissing this range as mere market noise. Despite the fluctuation, Altcoin Sherpa remains bullish on Bitcoin’s long-term trajectory.
At the time of writing, Bitcoin is valued at $67,727. Altcoin Sherpa highlights the significance of the 200 exponential moving average (EMA) on Bitcoin’s four-hour timeframe as an indicator of price movement. When Bitcoin trades above the EMA, it tends to act as support, while trading below it signals resistance. Altcoin Sherpa anticipates further volatility in the market.
Regarding altcoins, Altcoin Sherpa notes that their performance is closely tied to Bitcoin’s movements. While short-term prospects may appear unfavorable, Altcoin Sherpa believes that strong altcoins will experience a significant rally once Bitcoin surpasses its all-time high. This surge in altcoin value is expected to be led by the most robust projects, potentially including meme-based tokens.
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