Summary:
Altcoin Sherpa believes digital assets can still rally despite cycle top speculation.
Bitcoin is one strong candle away from a new all-time high.
Bitcoin has been consolidating above $90,000 for months, signaling potential expansion.
Historically, Q1 tends to be a bullish season for crypto.
Sherpa predicts one to three strong pumps left before the cycle ends.
Bitcoin Still Has Room to Grow
A closely followed analyst, Altcoin Sherpa, believes that digital assets can still rally despite speculation that they might be at a cycle top. He shared his insights with his 240,200 followers on X, pointing out that the current macro environment is the best in years, complemented by a pro-crypto US government.
Key Insights from Altcoin Sherpa
- Bitcoin's Potential: According to Sherpa, Bitcoin is only one strong candle away from achieving a new all-time high as various nations consider establishing a strategic BTC reserve.
- Technical Analysis: Bitcoin has been consolidating above $90,000 for months, showing early signs of expansion. Altcoins, particularly older ones, have faced prolonged time-based capitulation, indicating they might have at least one more run left before the cycle concludes.
- Seasonal Trends: Historically, Q1 has been a bullish season for cryptocurrencies, which adds to the optimism.
Market Sentiment
Sherpa expresses that we are still far from peak mania, and the typical signs of overexuberance that mark the end of a bull market are still absent. He states, “I think we still have a few months of good times left and probably one to three good strong pumps left.”
Caution Ahead
While he remains optimistic, he also notes that we are no longer in the early innings of the cycle. It’s wise to adopt a defensive stance at this stage, as bears have valid reasons to believe the cycle might be over, including the lack of clear narratives and Bitcoin's hesitance to rally strongly above $100,000.
Current Price
As of now, Bitcoin is trading at $105,836.
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