Bitcoin

Bull Market

Sherpa

strong bull

Renowned crypto analyst <a href="https://en.coin-turk.com/what-is-litecoin-ltc/" rel="noopener noreferrer nofollow">Altcoin</a> Sherpa announced that <a href="https://en.coin-turk.com/cryptocurrency-surge-benefits-investors-ignites-interest-in-decentralized-exchanges/" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/bitcoin-market-languishes-sideways-impending-hyperbitcoinization-and-the-impact-on-cryptocurrency-forecast/" rel="noopener noreferrer nofollow">BTC</a>) is likely in the midst of a prolonged consolidation period, and he expects this consolidation to result in a significant upward move.<h2 id="strong-a-roughly-eight-month-consolidation-period-expected-for-bitcoin-strong">A Roughly Eight-Month Consolidation Period Expected for Bitcoin</h2>Experienced crypto analyst Altcoin Sherpa stated that Bitcoin could consolidate for about eight months before the next bull run, saying, “I wanted to look at a higher timeframe perspective to see where things are at a macro level; I think most of the year will be quite volatile. There has been a nice rise so far, but it seems like there will be a consolidation lasting weeks/months from now.”The analyst added that Bitcoin’s price movement on the weekly timeframe chart, like in 2019, is showing a rise sitting above its main Exponential Moving Averages (EMAs):“On a weekly chart, we can see all EMAs gathering and tightening. This usually means the price is getting squeezed and a significant movement is impending; it’s also important to see the price is above all EMAs and turned bullish for the first time within a year. It reminds me a bit of 2019.”<img class="aligncenter size-full wp-image-236146" src="https://coin-turk.com/wp-content/uploads/2023/07/Bitcoin-ABD-Dolari.jpeg" alt="" width="1814" height="778">Altcoin Sherpa mentioned that BTC could trade in a broad range with an upper limit of 40,000 dollars and a lower limit of 15,000 dollars during a consolidation phase that could last for months:“I wouldn’t be surprised to see Bitcoin move between an area with an upper of 35,000-40,000 dollars and a lower of 15,000-20,000 dollars. We might see a lot of sharp drops, rises, and consolidation until the end of the year, and I hope to start seeing some bullish movements in early 2024.”<img class="aligncenter size-full wp-image-236145" src="https://coin-turk.com/wp-content/uploads/2023/07/BTC-Bitcoin.jpeg" alt="" width="1815" height="778"><h2 id="predicts-minor-bitcoin-and-altcoin-rallies-to-trigger-bull-market">Predicts Minor Bitcoin and Altcoin Rallies to Trigger Bull Market</h2>The analyst predicts that smaller Bitcoin and altcoin rallies will trigger a continuous bull market for the largest cryptocurrency by market value in early 2024:“There will be a number of strong bull runs between now and then, but I think it will take at least six-eight months (and probably even longer) before we see any fully-fledged bull market. We will experience mini altcoin seasons like in 2019. However, I don’t see this being a big casino fully embraced by individual investors for a while longer. It’s best to accumulate cash and trade/invest in your favorite environments and probably just touch the grass and enjoy the summer. Don’t lose your money before the bull market comes.”The post <a href="https://en.coin-turk.com/crypto-analyst-predicts-lengthy-consolidation-period-for-bitcoin/" rel="noopener noreferrer nofollow">Crypto Analyst Predicts Lengthy Consolidation Period for Bitcoin</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Crypto Analyst Predicts Lengthy Consolidation Period for Bitcoin

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