- Sheldon predicts Bitcoin could surge past $50,000 resistance zone.
- Anticipates Bitcoin price fluctuations, potential drop to $40,000 before uptrend.
- Bullish momentum expected if Bitcoin maintains above $44,000 support level.
The Crypto Banter YouTube channel host, known as Sheldon The Sniper, thinks that the price of Bitcoin
In a new video that was posted, Sheldon observed a positive outlook in the cryptocurrency market. Nevertheless, he expects a decline in value that might result in Bitcoin falling to around $40,000, then experiencing a series of rises and falls in price for a while before it resumes an upward trend.
Sheldon clarified that the anticipated fluctuations in Bitcoin prices, which might result in alternating increases and decreases, should not be interpreted as a typical bearish pattern. He characterized it as a transfer of capital between Bitcoin and alternative cryptocurrencies. In his assessment, Sheldon referred to the ETH/BTC chart and other altcoins, which seem to exhibit a more bullish outlook compared to the BTC/USD chart.
Examining the weekly BTC/USD chart on TradingView, Sheldon pointed out that a bearish end to the week might indicate an impending reversal on a larger time scale. Nonetheless, he observed that the present pattern on the chart suggests ongoing bullish momentum, which could persist if the downward movement is repelled as it has been in the past.
The esteemed expert believes that numerous Bitcoin enthusiasts are eager for the leading cryptocurrency to surpass its all-time high prior to the Bitcoin halving occurrence. Therefore, he posits that the critical support zone near $44,000 may greatly influence the trajectory of Bitcoin’s value shortly.
Sheldon indicated the prevailing strength in the Bitcoin market, pointing to the ascending trendline starting at the $30,000 mark, which aligns with the support around the $44,000 price area. He mentioned that as long as the BTC price does not drop beneath this trendline, the positive momentum is likely to continue, with the price targeting higher figures.
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