BTC and many altcoins could rally strongly in the coming weeks, according to KOL Altcoin Sherpa

A prominent analyst says Bitcoin (BTC) is very close to a bottom while forecasting a rally for altcoins in the coming weeks.

Analyst nicknamed altcoin Sherpa to speak with his 165,900 Twitter followers that he believes BTC will bottom out around $30,000.

“BTC: bottom likely between here and $30,000. This is a high volume trading area. I would compare $30,000 to $6,000 in 2018 – if this level breaks Bitcoin will fall into a sustained bear market.”

The source: Altcoin Sherpa/Twitter

During the 2018 bear market, Bitcoin bounced off the $6,000 support area several times before falling below it and plunging to $3,600 later in the year.

In the coming days, altcoin Sherpa forecasts Bitcoin to trade near $30,000 before staging a massive rally to $50,000.

“I firmly believe Bitcoin will reach a significant premium above current price levels; at least a retest on the downside.”

The source: Altcoin Sherpa/Twitter

While Bitcoin has bottomed and reversed its trend, the crypto strategist said altcoins will eventually follow BTC’s lead.

“Given the outlook for Bitcoin, I think many altcoins could rally 2-3x their lows and make a lower high in the coming weeks. I will buy more by DCA (Price Averaging) from the current price.”

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