Trader Identifies Potential Key Altcoin for the Upcoming Bull Market and Maps Out Bitcoin's Path Forward
A prominent cryptocurrency trader expresses optimism about the future prospects of a specific altcoin during the upcoming bull market expansion.
Commencing with Rollbit (RLB), the pseudonymous crypto analyst Altcoin Sherpa informs their 196,400 followers on the social media platform X that the native token of the crypto casino platform holds promising potential "in the upcoming bull market."
Altcoin Sherpa points out that, in the short term, Rollbit is anticipated to face bearish trends, potentially experiencing a decline of more than 35% from the current price to reach " $0.07 or lower."
Altcoin Sherpa suggests that several factors, including regulatory developments, could trigger the anticipated correction. Expressing reservations, Altcoin Sherpa states, "Several things that could go wrong though in terms of regulation etc. I’m not interested at these current prices."
As of the current writing, Rollbit is trading at $0.108.
Shifting the focus to Bitcoin (BTC), Altcoin Sherpa revisits their earlier prediction of BTC reaching $28,000 over the short term, acknowledging that this projection is unlikely to materialize. The analyst identifies Bitcoin's support level at around $25,500, but expresses reservations about it.
Altcoin Sherpa provides a high-timeframe view, indicating a potential shift in market structure for many exchanges with a lower low. While considering the current area as a potential low formation, Altcoin Sherpa expresses a lack of excitement about the scenario and notes the possibility of Bitcoin retracing to the low $20,000s eventually.
Bitcoin is trading at $26,683 at time of writing.
Sep 28, 2023