Trader Issues Bitcoin Alert, Says BTC ‘Doesn’t Look Great’ After Double-Digit Percentage Fall From All-Time High

A widely followed crypto strategist and trader is issuing a warning about Bitcoin as BTC hovers around $94,000.

Pseudonymous crypto trader Altcoin Sherpa tells his 236,300 followers on the social media platform X that Bitcoin is lacking strength on the monthly chart after falling about 13% from its all-time high witnessed earlier this month.

“BTC monthly doesn’t look great but also not the worst. Neutral and still a few more days to go.”

The analyst also warns that Bitcoin could continue to trade in a range between about $99,000 and $92,000 before a new trend emerges in either direction.

“BTC don’t diddle in the middle. This is a poor place to open longs and shorts. Don’t get chopped.”

Zooming in, the analyst believes that if Bitcoin fails to hold the $92,000 range as support, the flagship crypto may revisit the $80,000 range.

“One thing to note is that these support regions get weaker and weaker the more times they’re tapped. Still not calling for $80,000 or anything yet but it’s going to be important to see the reactions around this $92,000 region. For now, support is still support until shown otherwise.”

Lastly, the analyst lays out one possible scenario where Bitcoin retests the $86,000 range before soaring to a new all-time high of $111,000.

“BTC still wouldn’t surprise me to see this type of move. Some weird price action over the next few weeks with despair followed by an absolute moon mission and killer alt season. I’m still max long for what it’s worth.”

Bitcoin is trading for $94,368 at time of writing, down from its all-time high of $108,135 which it hit on December 17th.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney