Altcoin Sherpa, a popular crypto analyst, has issued a warning to Bitcoin investors about the possibility of further price drops.
Sherpa took to social media to share insights into current market conditions, predicting that Bitcoin’s price could drop seven more times after the recent drop.
The significant drop saw Bitcoin’s price fall below $40,500 on major exchanges, triggering a significant sell-off estimated at $409.8 million.
Altcoin Sherpa acknowledged the significance of the drop but remained bullish on Bitcoin’s long-term prospects.
While advising investors to brace themselves for further declines in Bitcoin’s price, Altcoin Sherpa emphasized that the current drop is relatively modest when viewed in the context of Bitcoin’s overall trend.
Sherpa described a price movement pattern, saying, “Usually, it goes strong move -> one-ish month of cooling -> next leg up.” In my opinion, we should dump first, then consolidate, and then pump in January.”
This viewpoint suggests that Bitcoin may experience a period of stabilization before resuming its upward trajectory in the coming weeks.
Despite short-term uncertainties and the possibility of further drops, Altcoin Sherpa’s overall sentiment is consistent with Bitcoin’s long-term bullishness. According to the analyst, Bitcoin will recover from the current market fluctuations and resume its upward trend.
Investors should remain vigilant in the face of market volatility, but Altcoin Sherpa’s insights provide a measured perspective on Bitcoin’s resilience and the potential for positive developments shortly.
