A widely followed crypto analyst is warning that Bitcoin (BTC) could plummet in value after failing to break through a key resistance level.
In a new thread, pseudonymous crypto analyst Altcoin Sherpa tells his 254,300 followers on X that Bitcoin may return to the $107,000 range after the flagship crypto asset failed to hold $112,000 as support.
“BTC: we clearly saw the lower option play out and at this point I’m expecting us to return to the green box and chop around there. Until we cleanly break $112,000, I’m just going to assume we’re heading down to the $107,000s region again. Let’s see.”
The analyst also believes that altcoins will not enter enduring uptrends until Bitcoin breaks out.
“A more simple plan is probably to simply wait for a break of $112,000 before buying shitcoins. That’s it. Don’t do anything else until then.”
Bitcoin is trading for $109,620 at time of writing, down 2.3% in the last 24 hours.
Next up, the analyst predicts that in the near term Ethereum (ETH) will trade around a price range with a upper bound of $4,494 and a lower bound of $4,215.
However, he says ETH may have a breakout if BTC resumes an uptrend.
“Pretty boring price action for ETH in my opinion. This one doesn’t move until BTC is finally healthy.”
ETH is trading for $4,309 at time of writing, down 3.6% on the day.
Lastly, the analyst predicts that Solana against ETH (SOL/ETH) will experience market choppiness in the near term.
“ETH outperforming SOL in the short term, I’m expecting these two to keep flip-flopping. Although I think there is going to be catch-up for SOL and its beta, I still think you should keep an eye out for some ETH beta.”
SOL/ETH is trading for 0.04736 ETH ($204) at time of writing, down marginally in the last 24 hours.
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