A widely followed crypto analyst says the digital asset market has yet to hit bottom and is predicting one more shakeout before the start of another bull market cycle.
Pseudonymous analyst Altcoin Sherpa tells their 187,100 Twitter followers that the crypto market’s historical performance is an unlikely predictor of how long the current bear market will last because there are different macroeconomics in play.
“And the past bear markets/accumulation are probably not going to necessarily look like this current one; every market cycle is different. Macro environment has never looked like it currently does in 2022 (rates + war + everything else is scary). So we could even be here longer.”
Altcoin Sherpa is forecasting at least another three to six months before the crypto market turns bullish.
“The bottom line is that we could still be chopping around for three-to-six months and even longer. Buckle up, it’s probably going to be a long fucking ride. Accumulation takes a long time and patience is the name of the game. I think most would do best DCA (dollar-cost averaging) into [Bitcoin] and [Ethereum].”
Altcoin Sherpa also says the crypto market may see fluctuations into new recent high or low price levels during the months-long accumulation phase, but he still believes the market has yet to bottom.
“For active traders, there WILL be bounces and market moves for sure. I think that we’ll see 20%-100% moves throughout this accumulation cycle as we always do. But I’m still waiting for a final shakeout before I can assume the bottom is in.”
Altcoin Sherpa predicts a possible low of $10,000 for Bitcoin’s (BTC) bottom and says they believe the bear market began in November 2021 and has lasted for about one year, while others argue that the bear market began in May 2021 and has lasted 580 days.
At time of writing, Bitcoin is trading hands at $16,642.
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Featured Image: Shuttestock/tanatpon13p/Nikelser Kate
