dailyhodl.com
A widely followed crypto analyst says that Bitcoin ($BTC) is currently sitting at a “do-or-die” level while updating his outlook on altcoins Solana ($SOL) and dogwifhat ($WIF).
In a new strategy session, crypto strategist DonAlt tells his 562,700 followers on the social media platform X that the crypto king’s weekly chart indicates it could go either way.
“At a do-or-die weekly level here. As I stated before I really don’t like the $60,000 range low for another test. This one is better, untested support.
If it breaks I think we’ll go to the next support indicated, if it holds new ATHs (all-time highs) are likely.”
According to DonAlt, $BTC is coming out of 100 days of trading within a specific range and were it to breakout it would maintain itself for as long as it has been ranging.
“100+ days of range on $BTC coming to an end soon.
I’m guessing the breakout that’s about to happen is gonna be trend-forming and will at least be maintained for as long as we’ve been ranging. Gonna be fun to trade majors again.”
Bitcoin is trading for $63,670 at time of writing, a 1% decrease on the day.
Moving on to smart contract platform Solana, DonAlt says it’s surprising that the Ethereum (ETH) rival has dropped so much over the last few weeks despite $BTC trading sideways.
“$SOL has been rugging in slow motion. Just day after day after day red. Already down 37% against USD from the top. Kind of wild to see given $BTC has just been going sideways.”
Solana is trading for $130.95 at time of writing, a 2.5% decrease on the day.
Concluding his analysis with memecoin dogwifhat, the trader notes it “just looks like shit” after it saw a sharp decline in price. DonAlt also calls out $WIF holders for being over-emotional about the price of the altcoin, going as far as taunting him over a small daily green candle.
“I’m not even [shorting] $WIF right now, so you can’t pin this on me, it just looks shit. Call me biased however much you want, down means down.
$WIF holders all over my mentions taunting me for this current green daily candle. Can’t say I hate this new dynamic, makes Twitter quite entertaining. Never have I seen market participants this emotionally charged about simple up/down moves.”
$WIF is trading for $1.84 at time of writing, an 8.5% decrease on the day.