Popular crypto-analyst and trader warns that Bitcoin (BTC), could abruptly correct deeper.
Pseudonymous Altcoin Sherpa told his 219100 followers via the social media platform X, that Bitcoin’s value could drop more than 7%.
If we lose the region, which is around $62,000 dollars in value, it would be $58,000 according to me. This would be an aggressive move in general. This area still seems to be ok. If you zoom in on one particular day, the trading range is still $55,000-$73,000 .”
Bitcoin currently trades for $61,284, down more than 2 percent in the past 24 hours.
Analyst warns Bitcoin technical indicators currently send mixed signals for the short term.
BTC: Lots of contradictory signals. This level is characterized by a large number of exponential moving averages. They usually act as support.
The equilibrium level ($65,200), on the other hand, is a support and resistance (currently, resistance) that can be volatile. Overall, I’m not too confident in the near term .”
The analyst believes that Solana, a competitor to Ethereum (ETH), could drop as low as $125 prior to a positive reversal.
“SOL: I believe that $125 to $150 is going to make a great area for scaling into SOL. You should get 2x or more before the cycle ends. Even though 2x may not sound like much, we still keep our targets conservative. I don’t think there are many other “safe” options available at this time. BTC/ETH/SOL is the only one I feel comfortable holding over the next 6 months .”
Solana currently trades for $151 at the time of this writing. This is down almost 7% over the past 24 hours.
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The post Crypto Trader Alerts Bitcoin, Says BTC could Plunge in a Violent Movement’ – These Are His Targets can be updated as new information becomes available.
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