dailyhodl.com
A closely followed crypto analyst said that Bitcoin ($BTC) could dip below the $50,000 mark if one major support level fails to hold.
In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells his 219,900 followers on the social media platform X that the crypto king’s next test could either send it flying past $70,000 or crashing down below $50,000.
“I think that it’s quite simple: If $BTC breaks current level, we go to $70,000. If $BTC doesn’t break current level, we go to $40,000s (w/ bounces in between).”
Sherpa goes on to say that if $BTC’s latest price action was printing a lower high, which the trader says may not be the case, then that means $BTC will likely head into the low $40,000s.
“I tremble if this was a lower high just printed for $BTC. Don’t quite think it is but if so, price is headed to the low $40,000s. Let’s see.”
Bitcoin is trading for $59,481 at time of writing, a fractional decrease during the last 24 hours.
Shifting his analysis towards smart contract platform Sui Network ($SUI) and wireless connectivity protocol Helium ($HNT), Sherpa says that $SUI looks good on lower time frames.
“$SUI: 200-day exponential moving average (EMA) proved to be a strong resistance area but still think this one looks pretty good on lower time frames. Would view the $0.91-$0.86 area as a place to bid; lots of confluence there.”
$SUI is valued at $0.864, a 5% decrease during the last day.
Moving on to $HNT, a Solana (SOL)-based asset that uses hotspots to connect wireless devices to its network, Sherpa says the token is primed to surge to $8-$10.
“$HNT: thought this chart looked beautiful, in since the mid $5s… Targets = $8 and then will leave some for $10 if it goes insane.”
$HNT is moving for $6.99 at time of writing.