A prominent analyst is planning the next step for Bitcoin as the benchmark cryptocurrency continues to trade below $ 50,000.

In one Video Newly, Altcoin Sherpa says it is exploring two ways that could determine Bitcoin’s (BTC) long-term trend.

“It is almost certain that Bitcoin will hit a lower high above the $ 70,000 region, and then when it hits a lower low I will prefer the bears. If it comes down to a higher low, I’ll join the cops. “

According to Altcoin Sherpa, he expects Bitcoin to soar to $ 58,000 before printing a higher lows at around $ 47,000 and a continuation of the uptrend to new record highs.

“For now, the general bull market structure remains intact. Barring a few unforeseen circumstances in the macro context, I believe Bitcoin is still optimistic. “

BTC / USDT daily chart | Source: Altcoin Sherpa

While the crypto strategist remains optimistic about BTC in the long term, he doesn’t expect the leading cryptocurrency to see major moves anytime soon.

“So what do I think of the price development of Bitcoin in the next few weeks? I think BTC has to accumulate. I mean, after the asset has experienced a sharp downward move, it will take some time to hit the bottom. In general, the following applies: the greater the downward movement, the longer the consolidation phase. “

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