An influential crypto trader is optimistic about Bitcoin (BTC) due to improving macroeconomic conditions and reduced sell-pressure.
Known as Altcoin Sherpa, the analyst shares his bullish outlook with his 220,300 followers on X, despite the bearish market structure of BTC on the daily chart.
“I am not too worried. Macro conditions and reduced supply overhang seem positive for us in Q3/Q4. I anticipate breaking the recent high at $70,000 and forming a higher low. Short-term outlook is bullish.”
Recent comments by Fed Chair Jerome Powell hint at potential rate cuts, leading to a 61.5% chance of a 25 basis point cut in the September FOMC meeting according to CME’s FedWatch tool.
Additionally, the German government has completed its Bitcoin sales, while Mt. Gox faces a deadline to repay creditors with 142,000 BTC by October.
Altcoin Sherpa believes that Bitcoin’s resistance at $71,000 has weakened after repeated tests.
“Resistance weakens with each test. We are poised for a breakthrough.”
The analyst predicts a potential surge in Bitcoin as a bull flag pattern forms on the one-hour chart.
“BTC is gearing up for expansion.”
A bull flag pattern typically indicates consolidation before a new rally, suggesting a positive outlook for Bitcoin.
As of now, Bitcoin is trading at $64,104.
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