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August 15, 2024

Analyst Says Bitcoin Primed To Crash Below $50,000 if Major Level Holds, Updates Outlook on Sui and Helium

By Daily Hodl Staff

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.

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“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).”

Source: Altcoin Sherpa/X

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.”

Source: Altcoin Sherpa/X

Bitcoin is trading for $59,481 at time of writing, a fractional decrease during the last 24 hours.

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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.”

Source: Altcoin Sherpa/X

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.”

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Source: Altcoin Sherpa/X

HNT is moving for $6.99 at time of writing.

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Featured Image: Shutterstock/SvedOliver