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.
[adinserter block="1"]“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.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
