Cryptocurrency

Sherpa

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Cryptocurrency market analyst <a href="https://en.coin-turk.com/xrp-coin-ripples-upcoming-endeavours-and-future-price-predictions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Altcoin</a> Sherpa warns that the recent pullback of Bitcoin (BTC) could be a harbinger of a deeper correction.
<h2 id="btc-s-decline-could-deepen">“BTC’s Decline Could Deepen!”</h2>
Known by the pseudonym Altcoin Sherpa, the cryptocurrency analyst suggested on <a href="https://newslinker.co/category/social-media/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">social media</a> platform X that Bitcoin’s sudden pullback could be followed by another drop. On Sunday night, Bitcoin fell to approximately $40,300 on several cryptocurrency exchanges including <a href="https://en.coin-turk.com/binance-removes-14-trading-pairs-here-are-the-details/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> and Coinbase, triggering a massive liquidation event worth $409.8 million.
Altcoin Sherpa emphasized that he believes the pullback in the leading cryptocurrency is not over yet, arguing that Bitcoin is still on an uptrend in higher time frames. The analyst stated the following in his remarks:
<blockquote>
 This could be a retest, and the price could definitely cause another drop. It’s best that some bids are lower than you think. The market is still quite bullish, we’re not expecting a crash yet… The price will likely drop a bit more in very low time frames, more information coming soon. Zoom out, this is the big picture, it’s very small compared to the whole movement.
</blockquote>
<img fetchpriority="high" decoding="async" class="size-full wp-image-287832 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/ntc.jpg" alt="" width="1127" height="497">
<h2 id="bitcoin-s-consolidation-period">Bitcoin’s Consolidation Period</h2>
Altcoin Sherpa also mentioned that it is likely for Bitcoin to consolidate after forming a local bottom before continuing its bullish trend, adding the following in his statements:
<blockquote>
 If this happens, then we are still alive, but we’d just stay calm for about a month. Such an event was expected. It’s usually a strong move, a one-month cooling off, then the next step. I think if we unload, we consolidate, and then we start rising in January. Stay safe.
</blockquote>
At the time the article was written, Bitcoin was trading at $41,706, down over 4% in the last 24 hours.
“` Continue Reading: <a href="https://en.coin-turk.com/bitcoins-retreat-a-warning-of-a-deeper-correction/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoins-retreat-a-warning-of-a-deeper-correction/</a>

Bitcoin’s Retreat: A Warning of a Deeper Correction?

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