Despite Bitcoin's recent breakout past the $100K mark, popular trader Altcoin Sherpa warns a pullback is likely on the horizon.
Popular trader Altcoin Sherpa is placing his bets on a Bitcoin pullback, despite the recent breakout past the $100K mark.
In a tweet on Wednesday, Sherpa pointed out several key resistance zones that could trigger a pullback, ranging from $106,000 to $109,000. He added, “Pullback comes soon at 1 of these levels IMO.”
His analysis was accompanied by a technical chart showcasing Bitcoin’s (BTC) price action and key trends. The chart highlights several trading ranges, with the price testing the edges of these ranges, which could indicate potential reversal zones.
Moreover, the chart pinpoints massive volume spikes during recent upward moves, denoting increased volatility. Such volatility is often a factor that contributes to price corrections.
As the cryptocurrency market navigates new highs, traders are keenly focused on technical analysis to anticipate upcoming trends.
Sherpa further emphasized the current market structure, suggesting it’s still a “buy the dip” environment. So, any correction could present another opportunity for traders to accumulate more BTC.
“Stay on your toes. Not sure how deep it goes or exactly where it pulls back from but 1 of these zones seems about right to fib it out and get ready for more accumulation,” he advised.
Top traders have been discussing the possibility of a Bitcoin pullback, especially as the flagship cryptocurrency faces stiff resistance.
Recently, Sherpa himself advised traders to prepare for a "larger" pullback, suggesting it could be a 15% to 20% correction from the recent high.
His comments come following a period of strong bullish momentum that saw Bitcoin rally from lows of $25,000 in March to reach new all-time highs above $105,000.
This analysis suggests traders should be vigilant for a potential Bitcoin pullback as it trades at a crucial resistance level. However, the overall market structure remains in a "buy the dip" mode, indicating any correction could present another opportunity for accumulation, especially for those with a long-term bullish outlook on Bitcoin.
News data source: kdj.com
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