dailyhodl.com
A popular crypto analyst and trader is warning that Bitcoin (BTC) could suddenly correct much deeper.
Pseudonymous analyst Altcoin Sherpa tells his 219,100 followers on the social media platform X that Bitcoin could decline more than 7% from its current value.
“If we lose this region [around $62,000], it’s $58,000 in my opinion. That’d be a violent move overall. I still think this area is ok. And if you zoom out on the one day, we’re still in the large trading range of $55,000-$73,000.”
Bitcoin is trading for $61,284 at time of writing, down more than 2% in the last 24 hours.
The analyst also warns that Bitcoin’s technical indicators are currently sending mixed signals in the near term.
“BTC: lots of conflicting signals here. On the one hand, this level has a lot of one-day exponential moving averages (EMAs). Usually, they act as support here.
On the other, the equilibrium (EQ) of the range ($65,200) is acting as a volatile support/resistance level (currently resistance). Not really too sure overall in the short term.”
Next up, the analyst says that Ethereum (ETH) competitor Solana (SOL) could decline to as low as $125 before a bullish reversal.
“SOL: I still believe that $125-$150 is going to be a really solid area to scale into SOL and you should still get a 2x-plus out of it before the end of the cycle. Sure, 2x might not seem like much (and we keep conservative targets) but I still don’t see many other ‘safe’ options at this point. BTC/ETH/SOL are the only ones I’m comfy holding for the next six months.”
Solana is trading for $151 at time of writing, down nearly 7% in the last 24 hours.
Generated Image: DALLE3