One of the most respected cryptocurrency analysts and traders in the world is bearish on Bitcoin, but he also offers his opinions on two other altcoins.
The analyst Sherpa, who goes by the pseudonym Sherpa, tells his 222.600 followers in the social media platform X, that Bitcoin will soon reach a value of $45,000, which is around 20% lower than the current price.
According to the chart of Sherpa, a widely-followed analyst, the $45,000 level is an important support area on the weekly basis. The support level appears to be at the Fibonacci Retracement 0.5 when the starting and ending points are late 2023, the end of the bull’s cycle and $73,800 as the highest point.
Bitcoin currently trades at $56,207 as of the time this article was written.
Sui (SUI) is next in line, followed by Solana’s (SOL). Sherpa claims that in the 4-hour timeframe, the price of layer-1 is still “looking good”. The anonymous analyst said he was going to buy the altcoins for short-term use.
This is not a hold that will last long. This thing will be destroyed by [Token] unlocked. .”
SUI was trading for $0.849 as of the time this article is written.
The next platform is Bittensor, a decentralized artificial intelligence and machine learning platform.
Sherpa believes that TAO will likely trade within a range before breaking to the upside. According to the chart by the anonymous analyst of TAO, it seems that Bittensor may revisit the support area that lies slightly below $200 before embarking on a trend move.
TAO currently trades at $238 as of the time this article was written.
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Sources of Images include Pixabay Creative Commons & Midjourney
This article Trader Predicts a 20% Bitcoin Drop, Updates on Solana Rival that ‘Still looks Good’ and Another Altcoin first appeared on The ICD.
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