Altcoin Sherpa, a prominent crypto trader, and analyst, recently shared his price prediction for Bitcoin (BTC) on Twitter. According to his forecast, the leading cryptocurrency’s value is expected to decline to $25K shortly. This insight from a seasoned industry expert provides valuable information for investors and traders looking to make informed decisions in the volatile crypto world.
The trader provided a comprehensive explanation for his proposed price target via Twitter. Altcoin Sherpa highlighted the significance of the $25K level, citing its alignment with the 200-day EMA line, the 0.382 fib level, and its previous role as both a support and resistance level.
As of the publication, BTC was soaring above the $25K threshold, currently trading at an impressive $27,520.99. However, recent data from CoinMarketCap indicates that the cryptocurrency experienced a 2.67% dip in value over the past 24 hours, resulting in a less-than-stellar weekly performance. BTC’s price has fallen by 1.73% over the past 7 days.
The current trajectory of BTC’s price is heading towards the critical support level of $26,800, following a bearish dip below both the 9-day and 20-day EMA lines. This decline was triggered by a bearish flag formation between the two technical indicators, with the 9-day EMA line crossing below the longer 20-day EMA line over the past four days.
According to technical analysis, the 9-day and 20-day EMA lines indicate a bearish trend for BTC. The daily RSI also signals bearishness, with the RSI line currently trading below the RSI SMA line. These indicators collectively suggest that BTC has entered a bearish cycle and is likely to experience a drop in the next 24-48 hours.
If the bearish hypothesis is confirmed within the next few days, Bitcoin’s value is expected to plummet to the mentioned support level of $26,800. In the unfortunate event that this level proves to be insufficient, the next target for the cryptocurrency’s price will be approximately $25.2K. Conversely, if Bitcoin closes above $26,800 within the next 48 hours, it will likely experience an upward trend towards the 9-day EMA line.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
